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Study: Retired Couples Appear to Have More Diverse Income Streams

Practice Management

Offering good news to couples on the eve of Valentine’s Day, a national survey finds that married or cohabiting retirees apparently have more financial resources to draw from and have fewer financial planning regrets, compared to their single counterparts.

Those who are married or cohabiting are more likely to collect income from pension plans (50% versus 34%); 401(k)s or other DC plans (33% versus 17%); investment portfolios (39% versus 19%); and savings accounts (58% versus 42%), according to data from Global Atlantic Financial Group’s Retirement Spending Study. The study also finds that 24% of retirees who are married or cohabiting report having an annuity, compared to only 15% of single retirees.

Additionally, while 64% of single retirees report having retirement planning regrets, only 49% of retirees in relationships feel the same. What’s more, nearly half (45%) of single retirees regret that they didn’t save enough money, compared to 30% of those in relationships.

Further reflecting on the benefits of diverse income streams, the survey found that retirees in relationships are more likely to maintain their lifestyles, with fewer cut backs on discretionary expenses during retirement, such as:

  • Restaurants and entertainment (39% vs. 56%)
  • Travel and vacations (33% vs. 43%)
  • Charitable giving (23% vs. 28%)
  • Housing (14% vs. 33%)

These findings reinforce previously released data from Global Atlantic showing that U.S. retirees, overall, wish they had done more to prepare for retirement, as nearly 40% of respondents indicated they are spending more than they expected and are having to cut back on common expenses.

A total of 4,223 consumers participated in the online survey conducted by Echo Research Sept. 12-24, 2018, from a random sample of the U.S. population aged 40 and older, equally representing retirees and those not retired.