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Retirement News for Senior Citizens
Retirees Argue Over Money about Same as Before Even
with Surprising Cost
Those not retired are not too worried about
financial preparation
 July 6, 2006 Most senior citizen retirees say
they argue with their spouse/partner over finances about the same as
they did before they retired, although more than a third report they
have found expenses in retirement to be more than they expected,
according to a new Wall Street Journal Online/Harris Interactive
Personal Finance Poll.
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Arguing over finances
Over half (54%) of retirees who are married or
living with a partner say they argue about their finances about the same
amount as they used to, and 41 percent say they argue less than they did
before they retired.
"Money has long been known as a source of conflict
among couples. The good news is that when couples reach retirement they
argue about finances much less than they did while working," states Anne
Aldrich, Senior Vice President of the Financial Services Research
Practice at Harris Interactive.
"Moving into this stage of life takes planning and
communication when couples take the time to work through their plans
conflict can be reduced."
Current living expenses vs. expectations
Over one-third (37%) of retired adults have
experienced higher living expenses than they expected they would have,
and this rises to nearly one out of two in the West (49%) and of those
who are divorced/separated or widowed (49%) who say this.
On average, adults who are not retired believe they
and their spouse/partner need $75,233 annually in order to retire
comfortably. Predictably, this number increases when responses are
compared by household income.
According to Aldrich, "The outlook on spending
becomes more realistic with age. Priorities shift with different life
stages, and it is important for financial advisors and those in the
financial services industry to be aware of their clients needs and
motivations as they near retirement so they can provide guidance that is
personally relevant."
The notion of saving for retirement is one that is
too much for some couples about one in 10 adults that are not retired
say that neither partner can decide on how much to save for that stage
in their life.
While 40 percent of adults want to use their money
to continue to support their current lifestyle in their later years,
about one-quarter prefer to use their money for enjoyable activities
such as traveling or relocating to a warmer climate.
Three out of 10 of those who are married or living
with their partner are in agreement about how much they need to save for
retirement, while equal numbers say they focus on saving more than their
spouse/partner does (20%) or have never talked about how much they need
to save for retirement (20%).
These are some of the results of an online survey
of 2,075 U.S. adults conducted by Harris Interactiveฎ between May 30 and
June 1, 2006 for The Wall Street Journal Onlines Personal Journal
Edition.
Use of money in the later years
● If adults had one choice with what to do with
their money in their later years, the likelihood that they say they
would continue to support the lifestyle they have now increases with
age, while the likelihood that they say they would use the money to
travel, buy a vacation home or relocate to a warmer climate decreases
with age.
● Men are more likely than women to say they
would continue to support the lifestyle they have now (47% vs. 35%,
respectively).
● Those who are single or have never been married
are substantially more likely than those who are married/living with a
partner or divorced/separated/widowed to say they would use the money to
travel, buy a vacation home or relocate to a warmer climate (32% vs. 24%
and 20%, respectively).
Saving for retirement
● The level of agreement about how much they need
to save for retirement rises with age and income, presumably because as
couples near retirement they feel compelled to discuss their plans.
● Interestingly, men are more likely to focus on
saving for retirement than women (both men and women admit this is the
case in their relationship).
>> More about this poll and other Wall Street
Journal Online/Harris Interactive Personal Finance Polls are online
click here.
Methodology
This survey was conducted online within the
United States between May 30 and June 1, 2006 among 2,075 adults (aged
18 and over). Figures for age, sex, race/ethnicity, education, region
and household income were weighted where necessary to bring them into
line with their actual proportions in the population. Propensity score
weighting was also used to adjust for respondents propensity to be
online.
All surveys are subject to several sources of
error. These include: sampling error (because only a sample of a
population is interviewed); measurement error due to question wording
and/or question order, deliberately or unintentionally inaccurate
responses, nonresponse (including refusals), interviewer effects (when
live interviewers are used) and weighting.
With a pure probability sample of 2,075 adults
one could say with a 95 percent probability that the overall results
have a sampling error of +/- 3 percentage points. Sampling error for the
various sub-samples shown in the tables is higher and varies. However
that does not take other sources of error into account. This online
survey is not based on a probability sample and therefore no theoretical
sampling error can be calculated.
These statements conform to the principles of
disclosure of the National Council on Public Polls.
About the Survey
The Wall Street Journal Online/Harris Interactive
Personal Finance Poll is an exclusive poll that is published in the
Personal Journal Edition of The Wall Street Journal Online at
www.wsj.com/personaljournal.
About The Wall Street Journal Online
The Wall Street Journal Online at WSJ.com,
published by Dow Jones & Company (NYSE: DJ; www.dowjones.com), is the
largest paid subscription news site on the Web. Launched in 1996, the
Online Journal continues to attract quality subscribers that are at the
top of their industries, with 761,000 subscribers world-wide as of Q1,
2006.
The Online Journal provides in-depth business
news and financial information 24 hours a day, seven days a week, with
insight and analysis, including breaking business and technology news
and analysis from around the world. It draws on the Dow Jones network of
nearly 1,900 business and financial news staff-the largest network of
business and financial journalists in the world. The Online Journal also
features exclusive content, including interactive graphics on business
and world news, and online-only columns about the automotive industry,
technology, personal finance and more.
The Online Journal offers three industry-specific
verticals: the award-winning Health, Media & Marketing and now Law.
Health offers authoritative analysis, breaking news and commentary from
top industry journalists. Media & Marketing is designed for
professionals in the advertising, marketing, entertainment and media
industries. Law is designed to provide law firms and attorneys timely
information on events and trends important to the legal market.
Subscribers to all also get access to the full content of the Online
Journal.
In 2005, the Online Journal was awarded a Codie
Award for Best Online News Service for the second consecutive year, and
its Health Industry Edition was awarded Best Online Science or
Technology Service for the third consecutive year. In 2004, the Online
Journal received an EPpy Award for Best Internet Business Service over 1
million monthly visitors.
The Wall Street Journal Online network includes
CareerJournal.com, OpinionJournal.com, StartupJournal.com,
RealEstateJournal.com and CollegeJournal.com.
About the Financial Services Practice
The Harris Interactive Financial Services
Practice provides custom, global research solutions to leading companies
in the financial services industry. Research professionals with specific
expertise across a range of financial services sectors, including
banking, payment systems, securities and investments, and insurance, act
as strategic partners to their clients. The Financial Services Practice
plays a key role in branding initiatives, customer profiling and
segmentation, new product development, customer loyalty management,
market planning initiatives and studies that support clients as thought
leaders. (www.harrisinteractive.com/financial)
About Harris Interactive
Harris Interactive is the 13th largest and
fastest-growing market research firm in the world. The company provides
research-driven insights and strategic advice to help its clients make
more confident decisions which lead to measurable and enduring
improvements in performance. Harris Interactive is widely known for The
Harris Poll, one of the longest running, independent opinion polls and
for pioneering online market research methods. The company has built
what could conceivably be the worlds largest panel of survey
respondents, the Harris Poll Online. Harris Interactive serves clients
worldwide through its United States, Europe and Asia offices, its
wholly-owned subsidiary Novatris in France and through a global network
of independent market research firms. The service bureau, HISB, provides
its market research industry clients with mixed-mode data collection,
panel development services as well as syndicated and tracking research
consultation. More information about Harris Interactive may be obtained
at www.harrisinteractive.com.
To become a member of the Harris Poll
Online, visit www.harrispollonline.com.
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