A new report released Wednesday by Ameriprise Financial found that most Gen X and young Boomer couples have delayed taking action on retirement.
The financial services firm surveyed 1,500 U.S. couples within 10 years of retirement, aged 45 to 70. The goal was to understand how couples in a certain income range think about money: Nearly three in four couples surveyed said they had been together at least 20 years, and all couples had at least $100,000 in investable assets.
The study found that a quarter of couples had not yet agreed how much money they should save for retirement or spend on children and grandchildren, either now or as part of their estate.
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Meanwhile, two in five couples didn’t have a financial plan in place, with nearly as many admitting they still needed to figure out how to earn the same amount of money as their current salary in retirement.
The report also found that 51% of couples had not done so set up an estate plan, which is a collection of documents that includes a will but adds additional protections that apply while a person is alive, such as a letter of intent, healthcare power of attorney, and guardianship designations.
The benefit of an estate plan, according to Find Law, is that it sets out what the person wants to happen if they are unable to communicate their wishes on their own and need someone to take care of them.
“Our research shows that couples trust each other and share the same dreams for retirement, but that doesn’t necessarily mean they have mutually agreed on how to spend, save and give away their money when the time comes ” said Marcy Keckler, senior vice president of financial advisory strategy at Ameriprise. “Some couples avoid discussing these topics because they feel overwhelmed, especially knowing that unexpected events can happen at any time, but putting it off can lead to challenges down the road.”
Interestingly, some respondents said they saved money that their partner wasn’t aware of. One in seven of 3,000 people surveyed said they had a secret account, and half of them said the balance in that account was more than $10,000.
Nearly a quarter of those surveyed with secret accounts had balances of $50,000 or more.
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However, the survey found that 94% of U.S. couples say they are honest with each other about finances and that 91% have the same retirement goals, but most have delayed taking action.
Long-term couples, who have been together for at least 20 years and who make up 72% of respondents, said their top three tips were to communicate openly about financial goals, find healthy ways to resolve financial disagreements and choose a financial solution . counselor together.
“The sage wisdom of these couples is clear: Being on the same page with your spouse or partner about money and retirement is key,” Keckler said.
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