Less than 40 percent of boomer couples reported that they felt confident in attaining financial security in retirement.
The Insured Retirement Institute (IRI) released the finding in a factsheet that highlights the differences in retirement planning and saving behavior between couples and single boomers.
The cardinal finding in the report was that boomer couples seemed better prepared for retirement and also exhibited superior spending habits when compared to their single cohorts although boomers who reside as couples still have ample room for improvement regarding their spending habits and their subsequent preparedness for retirement.
Close to 82 percent of married boomers reported that they had “some level of retirement savings,” compared to 66.6 percent of singles.
The recent economic milieu has caused many people from varying generations, relationship status and socioeconomic backgrounds to cease or lower their contribution to their retirement accounts, whether employer-sponsored or private. The IRI report found that two-thirds of boomer couples continued to contribute to their retirement account throughout the economic volatility while only 14 percent prematurely withdrew funds.