While the majority of couples (72%) say they communicate exceptionally or very well, more than four in 10 (43%) failed to correctly identify how much their partner makes—and of that, 10% got it wrong by $25,000 or more. There were other important disconnects between couples including:
- 36% of couples disagreed on the amount of the household’s investible assets.
- When asked how much they will need to save to maintain their current lifestyle in retirement, nearly half (48%) have “no idea”—and 47% are in disagreement about the amount needed.
- When asked to estimate their Social Security payout in retirement, 60% of couples either don’t know or aren’t sure. Even more disturbing: almost half (49%) of Boomers fall into this category.
The good news: the results strongly suggest planning for the future goes a long way to achieving greater peace of mind and alignment as a couple. By and large, couples with a detailed plan feel far better about their retirement prospects.