Most couples think they communicate well, but when it comes to their finances research indicates otherwise. Our previous essays on the subject have shown just how poor it typically is.
On the issue of retirement, nearly half (48%) of the couples surveyed had no idea how much they needed to save in order to maintain their current lifestyle once they retire.
Nearly half (47%) disagreed on the amount they need. Even more startling, those who were nearest to retirement – when changing course is the most difficult – disagreed the most!
Over half (52%) of the respondents had “no idea” what they would receive in monthly retirement income. Asked about Social Security, 60% either did not know, or were not sure, what they would receive. That includes the about-to-retire Baby Boomers.
Roughly one-third of couples disagreed on their retirement lifestyle. Half could not even agree on when they would retire.
Our next essay on this series will have a look at what financial issues couples worry about financially.
If this sounds like you or someone you know, contact Korving & Company.
Korving & Company, the 2015 Suffolk Small Business of the Year is a family owned investment management and financial planning firm. We deliver a very personal level of service to guide, empower and assure our clients that their money is carefully managed to meet their long-term life goals.