It looks as though the battle of the sexes is alive and well when it comes to retirement. New research by Fidelity Investments has found that while married couples generally agree on the types of retirement products they have earmarked for retirement, they often disagree on their plans and expectations for their golden years.
The Fidelity research, which was conducted through online interviews in February and March and polled 500 married couples comprising baby boomers and older pre-retirees born between 1937 and 1964, found that in more than 30% of couples, husbands and wives gave completely different answers when asked at what age they will retire, their expected lifestyle in retirement, and whether they intend to continue working in retirement. While most couples agreed that workplace savings plans, pensions, and Social Security would top the list when it comes to retirement income, only 39% of the couples agreed on which would be the primary source of that income.
Fifty-eight percent of the couples also failed to agree on who their spouse would turn to for financial guidance in the event of their death, with 22% of couples failing to reach consensus on whether they would use the services of a financial advisor to help them map out their retirement. The couples polled had been married for at least 24 years, had household incomes of at least $75,000 and investable assets of at least $100,000, and both husband and wife had at least nine years until retirement. The average age of the husbands polled was 54, while the wives were 53 years old.