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Singles Swing Into Retirement With Little Savings

Thursday, April 18, 2013 - 9:13 AM
From MarketWatch:
If you think it’s hard saving for retirement as a couple, trying doing it as a single. According to a study—described by one expert as the most intriguing of 2012—the amount of money singles in their late 60s have saved up for retirement is dramatically less than that of married-couple households.

In fact, the median married household had in 2008 nearly 10 times more saved up for retirement than the median single-person household, $111,600 vs. $12,500. (Savings, for the record, included 401(k)s and IRAs and all taxable savings and investment accounts, but it did not include Social Security, pensions, or housing wealth. And single, at least for the purpose of this research could mean divorced, widowed or unmarried for most/all of their life.)

... But what one does to counteract the risks of being single depends also on the nature of the household.

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3
pearlbrownpearlbrown1,467 posts since
Nov 2, 2010
Rep Points: 6,376
1. Thursday, April 18, 2013 - 9:40 AM
"it did not include Social Security, pensions, or housing wealth."

Thus, a retiree's income, other than from savings and investment accounts, played no part in this study.  If one's Social Security and pension benefits provide a perfectly fine quality of life in retirement, what's the problem?
1
ShorebreakShorebreak2,671 posts since
Apr 6, 2010
Rep Points: 14,501
2. Thursday, April 18, 2013 - 10:43 AM
There's no problem - if a retiree is fortunate enough to be able to live in retirement (now and on an ongoing basis) with a perfectily fine quality of life while relying solely on Social Security and pension (assuming they have one) benefits.   
1
pearlbrownpearlbrown1,467 posts since
Nov 2, 2010
Rep Points: 6,376
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