Married Americans agree how to spend nest egg
COUNTRY Survey: Married Americans agree on retirement spending, but most don't know how much they'll have
Married people feel in harmony when it comes to managing finances in retirement, but most don’t know how much they’ll have. According to a new COUNTRY Financial survey, about four out of five (83 percent) of those nearing retirement age (40-64 years old) are confident they and their spouse agree about how to handle money matters in their golden years. This comes as a majority (56 percent) says they have no idea or are unsure how much monthly income they will have in retirement.
“It’s difficult to have honest and direct communication about money if you don’t know how much you will have when it comes time to retire,” says Keith Brannan, vice president of Financial Security Planning for COUNTRY Financial. “To reach long-term retirement goals, it’s important for couples to develop and update a plan and regularly communicate about how they are tracking against that plan.”
Men and women disagree about the ease of discussionsSeptember 21, 2010
Disagreement exists between the two genders about whether financial conversations get easier as couples near retirement. Men are more likely to say communication gets easier as time goes by (31 percent versus 28 percent), while women are more likely to say it gets harder (30 percent versus 25 percent).
The differences between men and women extend further when it comes to retirement planning. Men are more likely to say they know how much income they’ll have in retirement (46 percent versus 42 percent), and they’re also more likely to say they will retire later than planned because of recent economic conditions (43 percent versus 34 percent).
High income doesn’t necessarily mean financial confidenceSeptember 21, 2010
The COUNTRY survey also reveals people with higher incomes are the least optimistic about when they will retire. As income rises, confidence in retirement age gradually declines.
“Higher income does not necessarily correlate to confidence in retiring on or ahead of schedule,” adds Brannan. “Confidence comes from knowing your goals and having a plan to achieve them, no matter what your bank statement reads.”
The COUNTRY survey on retirement communication is based on a national telephone survey of more than 1,000 married Americans ages 40 to 64 and is compiled by Rasmussen Reports, LLC (www.rasmussenreports.com), an independent research firm. The margin of sampling error for this survey is approximately +/- 3 percentage points with a 95 percent level of confidence.
About COUNTRY FinancialSeptember 21, 2010
COUNTRY Financial (http://www.countryfinancial.com) serves about one million households and businesses throughout the United States. It offers a full range of financial products and services from auto, home and life insurance to retirement planning services, investment management and annuities.