Americans are more likely to have talked about their own death than retirement. And they’re more comfortable having the “birds and the bees” talk than any conversation related to money.
The Northwestern Mutual’s 2014 Planning and Progress Study found that conversations about money outrank any other uncomfortable conversation topic among Americans—including talking about the “birds and the bees,” asking adult-age children to get a job or move out, and discussing death.
According to the study, more than two in five Americans have not spoken to anyone about their retirement. Only 39% of those surveyed have talked to their spouse or partner about retirement.
“Starting the dialogue can be the most difficult part, but people need to realize the significant benefits of openly communicating their financial and retirement goals,” said Greg Oberland, Northwestern Mutual president, in a statement. “A financial professional can be a valuable resource who can facilitate discussions about long-term goals and planning; listen to your needs and goals; and work with you to remove anxiety about affording retirement.”
The study also found that those who were nearest to retirement age were the least optimistic that they will retire at the “traditional” age of 65.
Those who are currently working feel they will retire at a much later age than those who are currently retired (68 years old for those working vs. 59 being the age current retirees left the work force). Looking ahead to retirement, nearly two in five adults (38%) now estimate that they will have to work until age 75 or older before they can retire.