National Survey Reveals Retirees in Relationships Have Fewer Financial Planning Regrets

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.”

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.”

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
.

Methodology

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.

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