The Big Retirement Blunder Single Americans Are Making
Singles make up a larger percentage of U.S. households than ever before.
But while staying unattached is a choice that may fit more people’s lifestyle goals, it isn’t necessarily helping with their money goals.
A new study from Mintel shows that only 51% of unattached people in the U.S. have a retirement savings account.
Which puts singles way behind couples when it comes to building a nest egg.
Almost seven in 10 (68%) of those living with a partner are saving for retirement—and the figure jumps to 84% among married couples.
Granted, singles can face particular savings challenges like missing out on some tax breaks or not having the safety net of a second income. But that also makes it all the more important that they’re prepared to go it alone in their golden years.
This serious lack of savings is only going to become a bigger problem as the ranks of American singles continue to swell.
Millennials, in particular, should take notice, as they’re most likely to stay single longer, according to Robyn Kaiserman, financial services analyst at Mintel.
“Because they are young, however, they may be hesitant to start saving for retirement. By postponing saving they are losing the benefit of time, which allows their savings to accumulate and grow,” she notes.
If you’re looking for some inspiration, follow the lead of these three singles who are successfully saving for retirement on their own.