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Almost Half Of U.S. Couples Say Financial Health 'Very Good,' Fidelity Finds
FYI: Most American couples feel their financial health is in good to excellent shape, according to the Fidelity Investments Couples & Money study released Tuesday.
It's going to be interesting when their "feeling" that "their financial health is in good to excellent shape" meets reality.
Yep - Those working class stiffs are making out just fine. Retire on Social Security alone (if it’s still there) and then live another 30 years. What could possibly go wrong?
@hank- What are the odds that Fidelity queried people who already had accounts at Fidelity? As if that would be representative of average "couples". The lack of any information on the survey process is very suggestive. Garbage in, garbage out... to invent a nifty phrase.
@OJ - I plead guilty as charged. Didn’t read Ted’s link and shot from the hip here. (But I can put 2 + 2 together.) Fidelity? How many middle and lower income people even know what Fidelity is? Maybe we’re an exception ... but in my neck of the woods an an awful lot of people are living “hand to mouth / paycheck to paycheck”.
It’s human nature to some extent not to think about the rain until it’s falling on you - and you got no raincoat or umbrella.
Hi @Old_Joe and @hank I did read the linked article and don't know why Fidelity even chose to publish such a survey; as no meaningful data was presented. I'm more disappointed being a long time customer and that the organization is doing this type of elementary work. Perhaps, as time allows; I will pen a note and ask why such a lame article was given access to electrons. Getting outside chores done in the morning hours as our area will have the max heat and humidity arriving shortly for several days. Good Evening, Catch
OK, you're right- I (we?) didn't read down to that part. Note that it states that each couple "have a minimum household income of $75,000 or at least $100,000 in investable assets". Well hell, that's your average American "couple" for sure.
Here's some of what Fidelity actually said:
"Fidelity® Couples Study Uncovers Disconnects on Retirement Expectations"
"43 percent, up from 27 percent in 2013) couldn't correctly identify how much their partner makes—and of that, 10 percent were off by $25,000 or more. Which begs the question: if so many couples can't get this most basic item in their financial lives correct, what other disconnects exist that are unknowingly causing cracks in their financial foundation"
"When asked how much they will need to save to maintain their current lifestyle in retirement, nearly half (48 percent) have "no idea"—and 47 percent are in disagreement about the amount needed. This level of disagreement is highest among those who are closest to retirement—Baby Boomers (born 1946-64)."
"74 percent say they worry about being able to afford unexpected health care costs in retirement, up from 70 percent in 2013. More than half (51 percent) worry about outliving their savings in retirement, a number that is significantly higher than what was reported in 2013."
"Despite these concerns, only 21 percent have developed a retirement plan to ensure they do not outlive their savings"
IMPORTANT NOTE: The Fidelity article referenced by Ted has been substantially re-written from a version which they had posted yesterday. Now, their headline is identical to Ted's. Because I have no way of knowing which version Ted actually saw and commented on, I have edited my previous comments to eliminate criticism which I had made regarding his original post.
Due to editing by Fidelity the two versions which they posted had major conflicting perspectives. This should serve as a cautionary example of the dangers of accepting information from any single source as unimpeachable fact.
Comments
You just know that this was a well-designed survey, right? Thanks Ted, for more worthless garbage.
It’s human nature to some extent not to think about the rain until it’s falling on you - and you got no raincoat or umbrella.
I did read the linked article and don't know why Fidelity even chose to publish such a survey; as no meaningful data was presented.
I'm more disappointed being a long time customer and that the organization is doing this type of elementary work.
Perhaps, as time allows; I will pen a note and ask why such a lame article was given access to electrons.
Getting outside chores done in the morning hours as our area will have the max heat and humidity arriving shortly for several days.
Good Evening,
Catch
https://www.fidelity.com/about-fidelity/individual-investing/fidelity-couples-study
See About the Study
also
https://www.fidelity.com/bin-public/060_www_fidelity_com/documents/couples-retirement-fact-sheet.pdf
We should have a guideline about no automatic impugning. In so many ways this forum is more sophisticated than most.
OK, you're right- I (we?) didn't read down to that part. Note that it states that each couple "have a minimum household income of $75,000 or at least $100,000 in investable assets". Well hell, that's your average American "couple" for sure.
Here's some of what Fidelity actually said:
"Fidelity® Couples Study Uncovers Disconnects on Retirement Expectations"
"43 percent, up from 27 percent in 2013) couldn't correctly identify how much their partner makes—and of that, 10 percent were off by $25,000 or more. Which begs the question: if so many couples can't get this most basic item in their financial lives correct, what other disconnects exist that are unknowingly causing cracks in their financial foundation"
"When asked how much they will need to save to maintain their current lifestyle in retirement, nearly half (48 percent) have "no idea"—and 47 percent are in disagreement about the amount needed. This level of disagreement is highest among those who are closest to retirement—Baby Boomers (born 1946-64)."
"74 percent say they worry about being able to afford unexpected health care costs in retirement, up from 70 percent in 2013. More than half (51 percent) worry about outliving their savings in retirement, a number that is significantly higher than what was reported in 2013."
"Despite these concerns, only 21 percent have developed a retirement plan to ensure they do not outlive their savings"
Due to editing by Fidelity the two versions which they posted had major conflicting perspectives. This should serve as a cautionary example of the dangers of accepting information from any single source as unimpeachable fact.