One way to save for retirement: Get married!
According to an ING U.S. Retirement Research Institute consumer study, those who were married (or living-as-married) had independently saved more for their retirement – a total of $40,000 more on average – compared to those who were single. Despite being an average of five years younger, married individuals in the survey also had greater retirement savings –$11,000 more per person – than those who were divorced. The study also indicated that a greater number of married couples felt better prepared for retirement as compared to single folks. Respondents to this survey were 4,050 adults between the ages of 25 and 69 who are employed full-time with an annual household income of $40,000 or greater. Check out the study here.
In terms of findings for men and women, the ING U.S. study indicated that the average retirement savings balance for married men was 51 percent greater than single men and 8 percent greater than divorced men.
Married women out-saved their single counterparts, although by a smaller amount – 28 percent. Data showed that married women had virtually the same balances as their divorced peers; however they were also seven years younger with more time on their side to save.
Whether or not this is an accurate representation of your household and how much you’ve saved for retirement is a question only you could answer, the truth is that saving for retirement now during your working years is key to how comfortable you will live in your elder years. So whether you are single, married or divorced, crank up you retirement savings sooner rather than later!