Couples Fail to Discuss Savings and Retirement

Only half of couples who participate in their workplace retirement plan discuss retirement savings and investment decisions with their spouse or partner all or most of the time, Lincoln Financial Group learned in a survey.

While 64% of couples in their 20’s discuss retirement savings and investment decisions with their spouse or partner all or most of the time, this drops to 56% for those in their 30’s and only 48% for those 40 and over.

“Our Retirement Power study showed that people participating in their employer-sponsored retirement plan are more confident and more optimistic today than they were just five years ago, and that most understand how much they need to save to be on track for retirement,” says Jamie Ohl, president, retirement plan services, Lincoln Financial Group. “Now they need to start having conversations with their significant others about savings, and what they envision for their retirement.”

The survey also found a disconnect between the sexes when it comes to their belief that they work with their spouse or partner to manage retirement planning for their household; 49% of women say that they do, but only 37% of men say the same.