While most of our thoughts are on candy and roses this Valentine’s Day, findings from an ING U.S. Retirement Research Institute consumer study1 demonstrate the importance of making a life-long commitment to retirement savings, regardless of one’s involvement in a committed personal relationship.
Marriage May Help Your Finances …But Everyone Needs to Plan and Save
According to the research, 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.
In addition, the same study found that a greater number of married individuals (54 percent) felt financially prepared for their retirement compared to their unmarried counterparts (45 percent).
“While the financial advantages of marriage may not be surprising for many, our hope in sharing this research is that it helps all Americans, regardless of age or marital status, to make a greater commitment to their personal retirement savings,” noted Deb Dupont, director of the ING Retirement Research Institute. “It’s essential for everyone to assess their unique life situation and goals – whether single, married or divorced – and commit to creating a plan that is designed to lead them to a greater state of retirement readiness.”
The Greatest Love of All: Taking Care of Yourself
Cupid’s arrow may not strike everyone this season. Nor will it always result in a “happily ever after.” But the same ING U.S. study further demonstrated how marriage may provide an extra savings edge…especially for men. According to the findings, the average retirement savings balance for married men was 51 percent greater than single men and 8 percent greater than divorced men.
“The research is a good reminder that everyone should make their own retirement savings a priority,” added Dupont. “Regardless of one’s love life or marital status, it’s important to take stock of your financial plans, whether that means thinking about the welfare of a spouse and children, or the happiness of your own future self, and develop a customized plan that identifies the goals and personalized needs for working toward a secure retirement.”
Instead of the flowers or chocolates for Valentine’s Day this year, ING U.S. suggests that a better gift to your loved one or to yourself may be committing to retirement savings through starting or increasing savings to retirement accounts, taking advantage of employer match or 50-plus catch-up contributions, or meeting with a financial advisor. It may not be as romantic…but it’s a true sign of commitment.
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Maggie Dietrich
ING U.S.
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About ING U.S.
ING U.S. constitutes the U.S.-based retirement, investment and insurance businesses of Netherlands-based ING Groep N.V. (NYSE: ING). Through the ING U.S. family of companies, we serve the financial needs of approximately 13 million individual and institutional customers with a comprehensive array of products and services, including retirement plans, IRA rollovers and transfers, stable value, institutional investment management, mutual funds, alternative investments, life insurance, employee benefits, fixed and indexed annuities and financial planning. Our dedicated workforce of more than 7,000 employees is focused on ING U.S.’s mission to make a secure financial future possible—one person, one family and one institution at a time. For more information, visit http://ing.us.