:max_bytes(150000):strip_icc()/GettyImages-1661329207-7229892b0c88455b80a54505c748ca95.jpg "Survey Reveals Why Many Singles Fear They Might Never Retire")
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Key Takeaways
- A quarter of single investors say they don’t plan to retire.
- More than a fifth said they were scared to do so.
- Survey designers said single investors face retirement challenges that coupled investors do not.
Retirement is expensive, especially when you do it alone.
A new study from the Nationwide Retirement Institute illustrates the degree to which Americans retiring without partners can struggle. A quarter of single investors said they didn’t plan to retire alone, and more than a fifth said they were scared to do so. Those fears can start before retirement does, with nearly 20% of non-retired singles worried that they won’t be able to retire at all.
“Single investors are facing retirement challenges that their coupled counterparts are not, relying solely on their individual saving efforts compared to those with a second source of income from a partner,” Rona Guymon, senior vice president of Nationwide Annuity Distribution, said in a news release.
Nearly half of single investors surveyed by Nationwide said they expected to need up to $600,000 in retirement savings to feel comfortable about their future. Less than a quarter, however, said they had at least $250,000 saved, and less than a fifth said they had $500,000 or more.
The Bottom Line
Nationwide said singles are less likely to have financial strategies to help them deal with market risk: Fewer singles than those with partners focused on portfolio diversification or assets less tied to markets, while those with partners were more likely to seek professional planning help.
