In what way do married baby boomers differ from single baby boomers? They’re much better prepared for retirement, according to a new fact sheet from the Insured Retirement Institute.
Married baby boomers are much more likely to have retirement savings and a retirement savings goal. More than eight in 10 married baby boomers (81.9%) report having retirement savings and 55.7% have gone through the process of calculating a retirement savings goal, compared with only 66.6% and 40.8%, respectively, for singles.
Another significant difference is that boomer couples are far less likely to be relying on Social Security for retirement income, with 37.1% expecting to lean on it as a major income source, compared with 52.7% for single baby boomers.
Boomer couples will instead rely on 401(k) retirement plans to be a significant income source in retirement. Almost half (47.1%) are relying on an employer-provided plan compared to only 27.8% of singles, according to IRI.
Even though married boomers are better prepared than singles, they are still in dire need of help as less than 40% are confident in attaining financial security in retirement, the IRI says.
“Considering that just over half of all boomer couples have not met with a financial adviser, significant opportunities remain to meet the needs of this key demographic,” says IRI President and CEO Cathy Weatherford.
Of course, that doesn’t dismiss the needs of struggling singles who are even less confident about their retirement future than their married friends. Only 28% of singles are confident in having enough savings to live comfortably in retirement, according to IRI.
Margarida Correia is Associate Editor of Bank Investment Consultant, a SourceMedia publication.
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