Couples overwhelmingly say they trust one
another with money, but 1 in 4 haven’t come to an agreement on how
much money they need to save for retirement or how much they should
give to children and grandchildren
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.
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®, CRPCTM,
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.”
Couples share their lessons learned
Nearly three-quarters (72%) of couples in the Couples, Money
& Retirement study have been together for more than two
decades. These longstanding partners are more likely to report they
share the same financial goals than those who’ve been together for
shorter periods of time. They also revealed their top tips for
couples of all ages to find compromise around finances:
- Communicate openly about financial goals.
- Find healthy ways to resolve financial disagreements.
- Choose a financial advisor together.
“The sage wisdom from these couples is clear: getting on the
same page with your spouse or partner about money and retirement is
critical,” said Keckler. “Fortunately, couples don’t have to go at
it alone – a qualified financial advisor can help break big
decisions into smaller, more manageable conversations that will
help both partners feel confident as they work together toward
building wealth and enjoying their retirement years.”
About the research
The Couples, Money & Retirement research was created by
Ameriprise Financial and conducted online by Artemis Strategy Group
from January 3-26, 2024, among 1,510 American couples (3,020 total
respondents) with $100,000 or more in investable assets. Primary
respondents were between ages 45-70 and within 10 years of
retirement. For further information, including verification of data
that may not be published as part of this report, contact
Ameriprise or go to ameriprise.com/couples.
About Artemis Strategy Group
Artemis Strategy Group is a communications strategy research
firm specializing in brand positioning, thought leadership and
policy issues.
About Ameriprise Financial
At Ameriprise Financial, we have been helping people feel more
confident about their financial future for 130 years1. With
extensive investment advice, asset management and insurance
capabilities and a nationwide network of approximately 10,000
financial advisors2, we have the strength and expertise to serve
the full range of individual and institutional investors' financial
needs.
Artemis Strategy Group is not affiliated with Ameriprise
Financial, Inc.
Investment products are not insured by the FDIC, NCUA or any
federal agency, are not deposits or obligations of, or guaranteed
by any financial institution, and involve investment risks
including possible loss of principal and fluctuation in
value.
Investment Advisory products and services are made available
through Ameriprise Financial Services, LLC a registered investment
advisor.
Securities offered by Ameriprise Financial Services, LLC. Member
FINRA and SIPC.
© 2024 Ameriprise Financial, Inc. All rights reserved.
1 Company founded June 29, 1894 2 Ameriprise Financial Q4 2023
Earnings Release.
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version on businesswire.com: https://www.businesswire.com/news/home/20240417800809/en/
Stephanie Siegle, Media Relations 612.671.2593
stephanie.siegle@ampf.com
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