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When Couples Disagree Over Retirement Issues

When Couples Disagree Over Retirement Issues

| September 05, 2018
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Couples disagree about where to eat out almost as often as they do about how and when to retire, according to a study from Fidelity Investments.  

The Fidelity Investments 2018 Couples and Money Study examined the financial and retirement expectations of 1,662 couples who are in long-term relationships and have a minimum household income of $75,000 or at least $100,000 in investible assets.

The findings:

  • More than 40% of couples disagree about the age when they plan to retire.
  • 54% don't agree on the amount they will need to save—and 49% said they had no idea how much they will need when they stop working.
  • About 30% of couples do not share user ID/passwords and other log-in credentials to financial institutions with their spouse or partner.
  • 20% of couples don’t agree where their important documents—financial statements, wills and legal documents—are located.
  • More than 40% of couples will not state that their financial health is excellent or at least very good. Of those who work with a financial adviser, less than 30% feel they are not on track.
  • 50% of couples are concerned about having enough savings to last through retirement. When couples are using a financial adviser, the number falls to 36 percent.

If you can relate to one or more of the findings, the time to address the issue(s) is now--well before you reach the age when the decisions are forced upon you—and to do so with an adviser who can listen, help you define your goals, and calculate your probabilities of success with you. In the words of Yogi Berra, “If you don't know where you are going, you’ll end up someplace else.”

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