According to research from the Insured Retirement Institute (IRI), about 82% of married people reported having retirement savings, compared with only about 67% of single individuals.
In addition, only 14% of married individuals prematurely tapped into retirement accounts during the past year, compared with 21% of singles. Married individuals are also more likely than singles to continue contributing to their retirement accounts (about 67%, compared with 56% of singles).
This could explain why married individuals reported being more confident in their retirement outlook. Nearly 40% of married people said they feel confident that they will have enough to live in retirement, while only 28% of singles said the same. Almost half (41%) of married individuals also said they believe their financial security will be more comfortable than their parents’, compared with only 26% of singles.
Another possible reason married people have more confidence in having a secure retirement could be based on their plans to keep working. About 23% of married individuals plan to postpone retirement, compared with 16% of singles.
IRI also found that married individuals:
- Are more likely to have calculated a retirement savings goal—about 56% have calculated a goal, compared with about 41% of singles;
- Are more likely to have consulted with a financial planner—about half have met with a financial planner, compared with 38% of singles; and
- Are less likely to be relying on income from Social Security in retirement—37% expect Social Security to be a major retirement income source, compared with about 53% of singles.
This IRI Quick Facts was developed based on a survey of Americans aged 50 to 66. Results were collected in 2012. More research findings are available in IRI’s Boomer Expectations for Retirement 2012.