How Coupledom Can Boost Retirement Security

"Regardless of relationship status, individuals who are saving for retirement would benefit from working closely with financial advisors to assess their retirement income needs and consider different strategies for generating that income."

The data suggest that retirees in relationships have more diverse income streams than single retirees. Twenty-four percent of retirees in the survey who were married or cohabiting reported having an annuity, compared with just 15% of single retirees. They were also likelier than their single counterparts to collect income from these sources:

• Pension plans – 50% vs. 34%
• 401(k)s or other defined contribution plans – 33% vs. 17%
• Investment portfolios – 39% vs. 19%
• Savings accounts – 58% vs. 42%

The survey found that partnered retirees benefited from diverse income streams in being likelier than singles to maintain their lifestyles, with fewer cutbacks on discretionary expenses during retirement, such as restaurants and entertainment, travel and vacations, charitable giving and housing.

"While those in relationships may have some financial advantages, single people can absolutely thrive in retirement," Nelson said. "They can mitigate the risk of facing financial regrets by diversifying their income streams."

She noted, for example, that annuities add protected income streams that retirees can collect for the rest of their lives.

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