SAN FRANCISCO--(BUSINESS WIRE)--The majority of Americans think that planning for retirement is easier for those who are not married, according to Charles Schwab’s latest quarterly retirement pulse survey findings released today. More than half (53 percent) of married Americans and more than two-thirds (69 percent) of singles say they believe it is easier to make major financial decisions for retirement when there is no spouse in the picture.
Despite these perceptions, Schwab’s survey finds that singles are on average less prepared and less confident than those who are married when it comes to being financially prepared for retirement. According to the results, 85 percent of married Americans are already saving for retirement, compared with 67 percent of singles across all age groups. More than one-third (38 percent) of married Americans express confidence in their retirement readiness compared to just 32 percent of those who are single.
“At a time when the number of single adults is at a historical high in our country, our survey shows that this group has ground to make up in terms of retirement readiness,“ said Carrie Schwab-Pomerantz, senior vice president, Charles Schwab & Co., Inc.. “But regardless of marital status, there are some fundamental steps that all Americans can take to get better prepared, including starting to save as early as possible; creating a long-term saving and investing plan; and for many people, enlisting the help of a professional who can help navigate some of the more complex issues such as tax implications and estate planning.”
According to the survey, both married and single respondents acknowledge there are also potential drawbacks to retirement planning without a spouse. Nearly two-thirds (65 percent) of married people and 57 percent of singles, say that not having a spouse’s additional income or investments as a safety net could be a challenge. Similarly, 58 percent of married people and nearly half (47 percent) of singles say it might be challenging to not have a spouse to rely on for health insurance or long-term care.
Additional survey findings include:
For additional insights, please visit the Schwab Talk blog and take a look at the most recent post with Carrie Schwab-Pomerantz which includes additional considerations everyone should keep in mind when preparing for retirement.
Schwab Real Life Retirement™ Services
Schwab Real Life Retirement Services provides a realistic approach to retirement, offering insights into actionable ways to save for and manage retirement savings, guidance on products and services, and access to stories and tips from real people. Schwab clients also have access to a complimentary personal retirement consultation with an investment professional covering an analysis of savings, income and expenses, personal retirement goals and milestones, and ways to generate income once in retirement.
For more information, visit www.schwab.com/RealLifeRetirement.
About the Study
The Charles Schwab Retirement Survey was conducted by Kelton Research between August 15 and August 23, 2011 using Random Digit Dialing of listed and unlisted numbers. Quotas are set to ensure reliable and accurate representation of the entire U.S. population ages 18 and over. Results of any sample are subject to sampling variation. The magnitude of the variation is measurable and is affected by the number of interviews and the level of the percentages expressing the results. For the study of adults ages 50 to 65 years old, the chances are 95 in 100 that a survey result does not vary, plus or minus, by more than 4.6 percentage points from the result that would be obtained if interviews had been conducted with all persons in the universe represented by the sample. For the study of the entire U.S. population over age 18, the chances are 95 in 100 that a survey result does not vary, plus or minus, by more than 3.1 percentage points from the result that would be obtained if interviews had been conducted with all persons in the universe represented by the sample.
About Charles Schwab
The Charles Schwab Corporation (NYSE:SCHW) is a leading provider of financial services, with more than 300 offices and 8.2 million client brokerage accounts, 1.44 million corporate retirement plan participants, 754,000 banking accounts, and $1.65 trillion in client assets as of Aug. 31, 2011. Through its operating subsidiaries, the company provides a full range of securities brokerage, banking, money management and financial advisory services to individual investors and independent investment advisors. Its broker-dealer subsidiary, Charles Schwab & Co., Inc. (“Schwab”) (member SIPC, www.sipc.org), and affiliates offer a complete range of investment services and products including an extensive selection of mutual funds; financial planning and investment advice; retirement plan and equity compensation plan services; referrals to independent fee-based investment advisors; and custodial, operational and trading support for independent, fee-based investment advisors through Schwab Advisor Services. Its banking subsidiary, Charles Schwab Bank (member FDIC and an Equal Housing Lender), provides banking and mortgage services and products.
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