American Couples Have Shared Goals for Retirement, but Haven’t Nailed Down the Details

New Research from Ameriprise Financial

American investors in committed relationships overwhelmingly trust their spouses or partners on money matters (95%) and share similar goals for retirement (93%), but some haven’t reached consensus on emotionally-charged decisions such as how much they need to save or what will happen to their money after they pass away, according to new research released today by Ameriprise Financial (NYSE: AMP).

The Ameriprise Couples, Money & Retirement research found that 94% of couples agree they are honest and transparent with one another about finances, and a similar percentage (91%) say they share the same financial values. However, differences emerge when it comes to details.

Nearly one-quarter (24%) of those surveyed say they haven’t come to an agreement on how much money they will need to save for retirement – or how much they should spend on children and grandchildren, both today and as part of their estates. A similar percentage say they have different estimates of how much money they will spend on hobbies and travel in retirement (25%) and how much they’ll spend on their lifestyles in general (22%).

The research surveyed more than 1,500 American couples with $100,000 or more in investable assets, focusing primarily on those between the ages of 45-70 who have retired within the last decade or plan to do so in the next 10 years. Ameriprise commissioned the study to uncover how couples think about money and retirement individually and together – and draw lessons that can help others manage their finances harmoniously.

Couples agree on when to retire – even if they don’t do so at the same time

Among the respondents who have already retired, the vast majority (87%) say they did so at the right time – and a similar percentage (83%) of their spouses or partners agreed. But that’s not to say they exited the workforce simultaneously. In fact, only 11% retired at the same time, and nearly two-thirds (62%) staggered their retirements by at least a year. This reality may come as a surprise to those who have yet to retire. More than a quarter of pre-retirees (26%) plan to retire together, while only four in ten (39%) are expecting to retire more than a year apart.