Singles face different obstacles to their future financial security.
It may be more common for single investors to feel financial stress than partnered investors. This stress can affect the financial decisions they make and their ability to realize their retirement savings goals.
More than one in three single investors say they experience more financial strain or financial hardship compared to those with spouses or partners.
Less than half of single investors say they would need up to $600,000 in retirement savings to feel comfortable about their retirement futures.
About one-quarter say they have at least $250,000 saved
Only 18% of single investors say they have $500,000 or more saved.
Retirement income and health care costs are high priorities.
With many clients nearing retirement, financial professionals are focusing their guidance on securing and maximizing retirement income. Strategies for retirement account withdrawals and when to file for Social Security benefits are popular ways of counseling single clients as they approach retirement, cited by around one-half (49%) of financial professionals. A slightly smaller number (39%) are also helping clients with plans for health care and long-term care in retirement.
More than one in three single investors say they experience more financial strain or financial hardship compared to those with spouses or partners.
Help single clients plan for a secure financial future.
Turn to Nationwide for a wide range of resources and insights you can use to personalize your planning with single clients. You’ll find support around different financial topics so you can address the specific needs of your single clients.
