Americans couples tend to have shared ambitions for retirement, but they are also likelier to delay conversations on “emotionally challenging” financial topics, finds recent research from Ameriprise Financial.
New research from the financial services organization finds that couples tend to agree on retirement, but still need to discuss the details of their long-term future. The study, “Couples, Money & Retirement,” surveyed over 1,500 American couples with $100,000 or more in investable assets, focusing primarily on those between the ages of 45 to 70 who have retired within the last decade or plan to do so within the next 10 years.
According to the findings, 93% of couples report shared goals for retirement and 95% “overwhelmingly trust” their spouses or partners on money matters. Nine out of 10 say they are open and transparent about finances, and 91% believe they share the same financial values with their partners.
However, research shows that couples aren’t entirely united with their financial goals—25% of respondents surveyed disagree on how much to spend with experiences, travel, and hobbies. Another 25% argue on expenses for children and grandchildren, and 24% differ on the total income they’ll need for retirement.
Others argue about caregiving responsibilities. While 72% provide some level of financial support to adult family members, they may not be on the same page about it as their partner. In fact, only 14% disagree with how much financial support they give, found Ameriprise Financial.
Some respondents also believed they would retire together, yet only 11% do. While only 39% of couples said they would retire at different times, the reality is that 62% actually have. This may be due to the fact that 32% do not feel in control with their retirement timing, as 31% have left work due to an unexpected circumstance while 51% chose to leave because they’ve achieved a money or life milestone.
In reaction to the findings, Ameriprise Financial suggests more couples organize a financial plan ahead of retirement, especially as some couples acknowledged feeling nervous about spending their savings (36%). Still, the research shows that many have not prepared for the future, as 41% do not have a financial plan in place and 39% have no idea how to recreate their paycheck in retirement.
Seeking professional guidance can curtail these worries, as almost all (97%) of couples who use a financial advisor (58%) say their relationship with a pro has improved their financial wellbeing.
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Amanda Umpierrez is the Managing Editor of 401(k) Specialist magazine. She is a financial services reporter with over six years of experience and a passion for telling stories and reporting news. Amanda received her degree in journalism and government and politics at St. John’s University. She is originally from Queens, New York, but now resides in Denver, Colorado with her partner. In her free time, Amanda enjoys running, cooking, and watching the latest drama show.
