or new report released Wednesday by Ameriprise Financial found that most Gen X and Boomer couples have delayed making retirement arrangements.
The financial services company surveyed 1,500 American couples within 10 years of retirement, between the ages of 45 and 70. The goal was to understand how couples in a certain income bracket think about money: Nearly three out of four couples surveyed indicated they had been together for at least 20 years, and all couples had at least $100,000 in investable assets .
The study found that a quarter of couples had not yet agreed on how much money they needed to save for retirement or to spend on children and grandchildren both now and as part of their estates.
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Meanwhile, two in five couples didn't have a financial plan in place, with nearly the same number admitting they still hadn't figured out how to earn the same amount of money as their current salaries in retirement.
The report also found that 51% of couples had not raised one estate planwhich is a collection of documents that includes a will but adds additional protections that apply while a person is alive, such as a letter of intent, power of attorney for health care, and guardianship designations.
The advantage of an estate plan, according to Find the lawis that it determines what the person wants to happen if they become unable to communicate their wishes themselves and require someone to take care of them.
“Our research shows that couples trust each other and share the same retirement dreams, but that doesn't mean they've mutually agreed on how they'll spend, save and give away their money when the time comes, Marcy said. Keckler, senior vice president of financial advisory 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.”
Interestingly, some respondents said they had saved money that their partner didn't know about. One in seven of the 3,000 people surveyed said they had a secret account, and half said the balance in that account was more than $10,000.
Nearly a quarter of respondents with secret accounts had balances of $50,000 or more.
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However, the survey found that 94% of American couples say they are honest with each other about finances and 91% have the same retirement goals – but most have delayed taking action.
Older couples, who had been together for at least 20 years and made up 72% of survey respondents, said their top three pieces of advice were to communicate openly about financial goals, find healthy ways to resolve disagreements financial and solve a financial issue. counsel together.
“The takeaway from these couples is clear: Getting on the same page with your spouse or partner about money and retirement is critical,” Keckler said.