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

New Research from Ameriprise Financial - Seite 2

Expectations aside, the Ameriprise study confirms that people aren’t always in control of their retirement date. Nearly one-third (31%) of retirees surveyed said they stepped away from the workforce because of an unexpected circumstance (e.g., health, layoff, or early retirement package). More than half (51%) chose to retire because they achieved a money or life milestone. Regardless of the reason, nearly all retirees (92%) were at least somewhat ready to retire, with six in 10 (60%) saying they were completely ready.

“Our research shows couples trust one another and share the same dreams for retirement, but that doesn’t necessarily mean they’ve mutually agreed on how they’ll spend, save, and give away their money when the time comes,” said Marcy Keckler, CFP, CRPC^TM, RICP, Senior Vice President of Financial Advice Strategy at Ameriprise. “Some couples avoid discussing these topics because they feel overwhelmed – especially knowing that unexpected events can happen at any time – but putting it off can lead to challenges down the road.”

Delayed conversations can stand in the way of planning for the future – and create tension in the present

Perhaps because they’ve held off on having important financial conversations with one another, more than half (52%) of couples surveyed said they have not yet put an estate plan in place. Additionally, 41% said they do not have a financial plan, and a similar percentage (39%) said they have not figured out how they will recreate their paychecks in retirement.

While they’ve delayed planning for the future, some couples may feel tension about how they’re handling their current finances, too – including whether they support other members of the family. Seventy-two percent of couples in the survey said they are providing some form of financial support to adult family members, but 14% reported they are not on the same page about how much they give.

Feeling disconnected from their partners may help explain why some have chosen to hide certain assets. One in seven (14%) of the survey’s respondents admitted they have an account that they have kept secret from their partner. Half (51%) said the balance is more than $10,000, while nearly a quarter (24%) said it’s $50,000 or more.

Keckler said, “Couples who are delaying important conversations or who are unable to communicate openly about money tend to have more difficulty planning for the future together. Thankfully, there is a lot they can learn from other couples who’ve navigated the path to retirement smoothly.”