Marrieds think singles have it made when planning for retirement

A new Charles Schwab & Co. Inc. survey finds that married couples think retirement planning is easier for singles. The reality is far different, however.
SEP 13, 2011
Ever call your spouse “the old ball and chain?” If so, you may be on to something. Having a spouse apparently is a real drag when it comes to making retirement decisions, such as how much to save and where to live, according to a survey of married and single adults. Just over half, 53%, of the married respondents thinks that planning for retirement would be easier if they were single, according to the survey, conducted by the Charles Schwab & Co. Inc. Even more telling: 69% of singles agree with them. Schwab conducted 2,000 telephone interviews in August to get an idea of the views of single and married adults on retirement planning. Although adults generally think singles had some advantages, the reality is much different, according to the survey. “At a time when the number of single adults is at a historical high in our country, our survey shows that this group has ground to make up in terms of retirement readiness,” senior vice president Carrie Schwab-Pomerantz said in a statement. While marrieds think singles have some advantages, the singles don't seem to be taking advantage of them. Eighty-five percent of the married adults said they were saving for retirement against only 67% of singles. A majority of singles, 57%, agreed that not having a spouse's additional income “could be a challenge.” More than one third (38%) of married adults say they are confident about their retirement readiness, against 32% of singles. That said, married couples clearly see the grass as being a bit greener on the single side, and 58% of married adults said it would be easier for them to decide when to retire without having to take their spouse into consideration. Another 62% said that deciding where to live in retirement would be easier if they were single. Over one-fourth (27%) of married adults say their spouse isn't even their financial confidant. Singles keep it closer to home, with 55% saying they turn to close family members for financial advice. A little less than half (47%) of the singles saw a disadvantage in not having a spouse to rely on for health insurance or long-term care, while 58% of married adults thought that would be a challenge for a single.

Latest News

SEC spares fund giants charges but warns on Exxon climate campaign
SEC spares fund giants charges but warns on Exxon climate campaign

Report on Climate Action 100+ signals risk for passive managers' 13G status heading into the 2027 proxy season.

Retirement withdrawal strategies shift as US assets hit $51.2T
Retirement withdrawal strategies shift as US assets hit $51.2T

Advisors say record balances aren't a retirement income plan and urge clients to benchmark their lives, not an index

RIA revenue tool targets fee leakage as PE growth pressure mounts
RIA revenue tool targets fee leakage as PE growth pressure mounts

Wealth enterprises are leaving revenue on the table - a new PureFacts and Ascentix partnership aims to help firms take it back.

The Stacking Strategy: How Intelligent Allocation Can Create Better Tax Outcomes
The Stacking Strategy: How Intelligent Allocation Can Create Better Tax Outcomes

What if one investment decision could create tax-saving opportunities across your entire portfolio? Chris Vizzi shares how the Stacking Strategy helps investors align tax planning, portfolio construction, and wealth preservation to maximize long-term outcomes while keeping more of what they earn.

AI could drag down RIA valuations, warns Alaris CEO Allen Darby
AI could drag down RIA valuations, warns Alaris CEO Allen Darby

Buyers spending on AI may treat less efficient sellers as overstaffed and price the cost of rightsizing into lower offers

SPONSORED Built on insurance experience to deliver on long-term promises

Knighthead Life entered the market with a competitive MYGA. A strong launch earned advisor confidence and paved the way for FIAs.

SPONSORED In the Age of AI, Trust Becomes the Advisor's Greatest Asset

As AI makes financial information more accessible than ever, Lana Hock explains why human judgment, trust, and empathy remain the qualities clients value most in a financial advisor