Married people save more for retirement and are more confident they will be able to retire, according to ING’s “Marriage and Money” research report.
The study found that married individuals independently saved $40,000 more for retirement, on average, than their single counterparts. Married individuals also saved about $11,000 more for retirement than people who got divorced.
Men benefited from marriage the most, saving 51 percent more than single men and 8 percent more than divorced men.
Married women also out saved single women by about 28 percent. They saved as much as their divorced peers but were younger, on average, leaving them more time to save for retirement.
More than half of married individuals said they felt financially prepared for retirement compared to 45 percent of unmarried people. Many avoid discussion life insurance and 45 percent of married individuals said they rarely or never discuss what would happen to the family finances should one spouse pass away.