Couples Lack Communication on Retirement Goals
Less than half of couples jointly handle retirement savings investment decisions, according to a new study by Fidelity Investments. The study found that just 41% of married couples make joint decisions on managing retirement savings.
This communication gap may explain why there is a lack of trust in the other spouse’s ability to take over financial matters. Just 17% of couples are confident that either spouse could assume responsibility of their joint retirement finances. Only 35% of wives say they are completely confident in their ability to assume full responsibility, versus 72% of husbands. A gender gap also exists in terms of who manages the finances, with 37% of husbands describing themselves as the primary retirement financial decision-maker versus 8% of wives.
The study also found disagreement on several related issues. Nearly two-thirds (62%) don’t see eye-to-eye on when to retire. Nearly half (47%) differ on whether to continue working in retirement. One-third (33%) disagree on where to retire, or simply don’t know.
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