Little teamwork when couples plan retirement -- survey
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Despite the recession, most married couples are still mired in a no man’s land of miscommunication about retirement finances, according to research released today by Fidelity Investments.
A mere 15% of couples said they were confident that both the husband and the wife could take over joint finances if necessary, according to the Couples Retirement Study, which was conducted online in April.
Just 45% of married people make day-to-day decisions like budgeting and bill payment together, while only 38% talk to each other about how to invest to save for retirement.
Sixty percent can’t agree on how old they’ll be when they retire, and once they do, 44% don’t see eye to eye on whether they’ll keep working. As for the expected retirement lifestyle, 42% have a different idea than their partner.
But couples usually agree at least about which issues are most worrisome when it comes to retirement finances: first are healthcare expenses, followed by the effect of inflation on their savings and reductions to Social Security funds.
Meanwhile, market volatility has shaken husbands and wives alike -- 41% of married men and 54% of married women say the recession has made them less tolerant of risky investments.
Because of the shaky economy, husbands now plan to retire a year later, at age 64, while wives intend to retire at age 63.
-- Tiffany Hsu
