Married Individuals More Prepared for Retirement

February 19, 2013 (PLANSPONSOR.com) Married individuals are more likely than singles to have retirement savings and are also more confident in their retirement outlook.

According to research from the Insured Retirement Institute (IRI), about 82% of married people reported having retirement savings, compared with only about 67% of single individuals.

In addition, only 14% of married individuals prematurely tapped into retirement accounts during the past year, compared with 21% of singles. Married individuals are also more likely than singles to continue contributing to their retirement accounts (about 67%, compared with 56% of singles).

This could explain why married individuals reported being more confident in their retirement outlook. Nearly 40% of married people said they feel confident that they will have enough to live in retirement, while only 28% of singles said the same. Almost half (41%) of married individuals also said they believe their financial security will be more comfortable than their parents’, compared with only 26% of singles. 

Another possible reason married people have more confidence in having a secure retirement could be based on their plans to keep working. About 23% of married individuals plan to postpone retirement, compared with 16% of singles.

IRI also found that married individuals:

  •  Are more likely to have calculated a retirement savings goal—about 56% have calculated a goal, compared with about 41% of singles;
  •  Are more likely to have consulted with a financial planner—about half have met with a financial planner, compared with 38% of singles; and
  •  Are less likely to be relying on income from Social Security in retirement—37% expect Social Security to be a major retirement income source, compared with about 53% of singles.

This IRI Quick Facts was developed based on a survey of Americans aged 50 to 66. Results were collected in 2012. More research findings are available in IRI’s Boomer Expectations for Retirement 2012.

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