Power Of Love

Retirees in Relationships Have Fewer Financial Planning Regrets

Global Atlantic Retirement Spending Study finds married or cohabiting retirees have more diverse income streams and spend more in retirement

February 11, 2019 09:00 AM Eastern Standard Time — NEW YORK–(BUSINESS WIRE)–In some good news for lovebirds this Valentine’s Day, new data from Global Atlantic Financial Group’s Retirement Spending Study shows that retirees who are married or living with a significant other have fewer financial regrets than those who are single.

While two out of three single retirees (64%) report having retirement planning regrets, fewer than half of retirees in relationships (49%) do. Nearly half (45%) of single retirees regret that they did not save enough money (compared to 30% of those in relationships). Nearly three in ten retired singles (28%) regret relying too much on Social Security (compared to 15% of those in relationships).

“The findings may speak to the human tendency to want to plan better when the wellbeing of a loved one is involved,” said Paula Nelson, President, Retirement at Global Atlantic. “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.”

More Diverse Income Streams

One differentiating factor is that retirees in relationships appear to have more diverse income streams than single retirees. One in four (24%) retirees who is married or cohabiting reports having an annuity, compared to only 15% of single retirees. Those who are married or cohabiting are also more likely to collect income from pension plans (50% vs. 34%); 401(k)s or other defined contribution plans (33% vs. 17%); investment portfolios (39% vs. 19%); and savings accounts (58% vs. 42%).

Perhaps reflecting the benefits of diverse income streams, the survey found that retirees in relationships are more likely to maintain their lifestyles, with fewer cut backs on discretionary expenses during retirement, such as:

  • Restaurants and entertainment (39% vs. 56%)
  • Travel and vacations (33% vs. 43%)
  • Charitable giving (23% vs. 28%); and
  • Housing (14% vs. 33%).

“While those in relationships may have some financial advantages, single people can absolutely thrive in retirement,” Nelson added. “They can mitigate the risk of facing financial regrets by diversifying their income streams. For example, they may consider annuities to add protected income streams that they can collect for the rest of their lives.”

The findings may speak to the human tendency to want to plan better when the wellbeing of a loved one is involved...

To view more data, insights and interactive graphics from the Global Atlantic Retirement Spending Study: Perception vs. Reality, including data referenced in this press release, please click here.

The Global Atlantic retirement study was completed online among a random sample of the general U.S. population aged 40 and older, including an oversample of 10 of the most populous states: California, Texas, Florida, New York, Illinois, Pennsylvania, Ohio, Georgia, Michigan, and New Jersey. North Carolina was included in the national sample but not oversampled due to effects of Hurricane Florence on the state.

A total of 4,223 consumers participated, equally representing retirees and individuals not retired. Fieldwork was led by independent global market analytics firm Echo Research between September 12 and 24, 2018. The margin of error when reporting on the total sample of retirees and individuals not retired is +/- 2.1 percent at the 95 percent confidence level.




About Global Atlantic
Global Atlantic Financial Group, through its subsidiaries, offers a broad range of retirement, life and reinsurance products designed to help our customers address financial challenges with confidence. A variety of options help Americans customize a strategy to fulfill their protection, accumulation, income, wealth transfer and end-of-life needs. In addition, Global Atlantic offers custom solutions and responsive service for the capital, risk and legacy-business management of life and annuity insurance companies around the world.
Global Atlantic was founded at Goldman Sachs in 2004 and separated as an independent company in 2013. Its success is driven by a unique heritage that combines deep product and distribution knowledge with insightful investment and risk management capabilities, alongside a strong financial foundation of $75 billion in assets, as of September 20, 2018.
Global Atlantic Financial Group (Global Atlantic) is the marketing name for Global Atlantic Financial Group Limited and its subsidiaries, including Forethought Life Insurance Company and Accordia Life and Annuity Company. Each subsidiary is responsible for its own financial and contractual obligations.
Variable annuities are sold by prospectus. The prospectus contains investment objectives, risks, fees, charges, expenses, and other information regarding the variable annuity contract and the underlying investments, which should be considered carefully before investing money. You can obtain a prospectus from your financial advisor or by visiting www.globalatlantic.com.
Annuities are issued by Forethought Life Insurance Company, 10 West Market Street, Suite 2300, Indianapolis, Indiana. Variable annuities are underwritten and distributed by Global Atlantic Distributors, LLC.