{"id":15632,"date":"2020-05-08T08:29:34","date_gmt":"2020-05-08T13:29:34","guid":{"rendered":"https:\/\/ifamnews.com\/?p=15632"},"modified":"2020-05-08T08:29:38","modified_gmt":"2020-05-08T13:29:38","slug":"marriage-predictor-of-retirement-savings","status":"publish","type":"post","link":"https:\/\/ifamnews.com\/en\/marriage-predictor-of-retirement-savings","title":{"rendered":"Marriage\u2014Predictor of Retirement Savings"},"content":{"rendered":"\n

\u201cThe coronavirus crisis has torn the Band-Aid off the financial fragility of many Americans,\u201d opens a recent story<\/a> at PBS. With the markets down, savings already too little, and Social Security \u201ccrumbling,\u201d far too many Americans\u2014but especially those in their 50s and 60s\u2014are facing rather bleak prospects for retirement. <\/p>\n\n\n\n

So what is to be done? Some experts recommend Social Security reform, which includes \u201cshoring up the Social Security Trust Fund\u2019s finances to prevent insolvency\u201d but also increasing payouts to those most in need. Others recommend more workplaces step up to help Americans save, through special emergency savings plans that could be accessed more easily than traditional IRAs or 401k plans. <\/p>\n\n\n\n

Interesting in all of this is a new study showing that the\nmarried are far more likely to be saving for retirement than the unmarried.\nPlenty of research over many decades has highlighted that married couples tend\nto do better financially than do their unmarried peers. So it should come as no\nsurprise that researchers are also interested in the effect that marriage has\non a specific type of wealth accumulation\u2014retirement savings, in the form of\n401k contributions.<\/p>\n\n\n\n

Geoffrey T. Sanzenbacher and Wenliang Hou of the Center for\nRetirement Research at Boston College set up their research in an even more\nspecific context. Millennials, they point out, are tending to marry later and\nlater. And \u201cWhile the overall trend in age at first marriage is clear, its\nimplications for a decision about whether and how much to save for retirement\nare less clear.\u201d \u201cOn the one hand,\u201d the researchers continue, \u201ca robust\nliterature has shown that marriage tends to kick start saving for a house as\nindividuals combine their possessions and make plans for having kids. On the\nother hand, the decision to save for retirement may be different.\u201d So they seek\nto assess, first, if married people do in fact contribute more to 401k\naccounts, and second, if later marriage significantly impacts the amount of\nsavings accrued.<\/p>\n\n\n\n

The results should not be surprising. These results \u201csuggest\nthat both men and women increase their 401(k) participation and contribution\nrates after marriage,\u201d although men increase their contributions more so than\nwomen, because their pre-marriage contribution rates tended to be lower.\nFurthermore, \u201cConditional on participating, the contribution rate shows the\nopposite trend by gender. After marriage, women increase their contribution\nrate by an average of 0.8 percentage point compared to only 0.3 for men.\u201d<\/p>\n\n\n\n

Next, the researchers examine the impact that a later\nmarriage would have on 401k savings, by estimating how much savings individuals\nwould have accrued by age 65 if they had married five years later. \u201cThe effect\nof delay,\u201d they find, \u201cwhile statistically significant in the regression, is\nsmall\u2014a 3.1-percent decline in accumulated assets for men and a 3.4-percent\ndecline for women.\u201d The researchers believe this is \u201cunlikely to make a large\ndent in retirement savings.\u201d<\/p>\n\n\n\n

In closing, they reiterate that \u201cthe net effect on\nretirement wealth is likely to be small and, in any case, solutions for this\nissue exist.\u201d They then highlight such \u201csolutions\u201d as automatic 401k enrollment\nand financial education. But the findings from this research brief are worth\nnoting. As in most other behaviors, married couples tend to behave in a more\nresponsible and far-sighted way than do their unmarried peers, and later\nmarriage does have some effect\u2014even if a small one\u2014on individuals\u2019 retirement\nsavings.<\/p>\n","protected":false},"excerpt":{"rendered":"

New research shows that married couples are more prepared to handle this market downturn.<\/p>\n","protected":false},"author":29,"featured_media":15634,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"give_campaign_id":0,"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"mc4wp_mailchimp_campaign":[],"jnews-multi-image_gallery":[],"jnews_single_post":{"subtitle":"New research shows that married couples are more prepared to handle this market downturn.","format":"standard","video":"","gallery":"","source_name":"","source_url":"","via_name":"","via_url":"","override":[{"single_blog_custom":"","sidebar":"","second_sidebar":"","share_position":"","share_float_style":"","post_date_format":"","post_date_format_custom":"","post_reading_time_wpm":"","zoom_button_out_step":"1","zoom_button_in_step":"1","number_popup_post":"1"}],"image_override":[{"single_post_thumbnail_size":"","single_post_gallery_size":""}],"trending_post_position":"","trending_post_label":""},"jnews_primary_category":{"id":""},"jnews_social_meta":{"fb_title":"","fb_description":"","fb_image":"","twitter_title":"","twitter_description":"","twitter_image":""},"jnews_override_counter":{"view_counter_number":"0","share_counter_number":"0","like_counter_number":"0","dislike_counter_number":"0"},"footnotes":""},"categories":[510,805],"tags":[427,3271],"class_list":["post-15632","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-family","category-foreground","tag-marriage","tag-retirement"],"yoast_head":"\nMarriage\u2014Predictor of Retirement Savings - 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King is the Managing Editor of IOF's journal, The Natural Family: An International Journal of Research and Policy, the United States\u2019 leading journal of family-policy research. In that capacity, she writes, edits and corresponds with editors and contributors to ensure that each issue provides the most relevant and accurate research and policy analysis available. Nicole holds a B.A. in English as well as M.A.s in English and Political Theory. She has contributed to The Front Porch Republic and Chronicles: A Magazine of American Culture, among others. She is also a contributing editor to SALVO Magazine and a blogger at salvomag.com.","url":"https:\/\/ifamnews.com\/en\/author\/nkingifamnews-com"}]}},"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ifamnews.com\/en\/wp-json\/wp\/v2\/posts\/15632","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ifamnews.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ifamnews.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ifamnews.com\/en\/wp-json\/wp\/v2\/users\/29"}],"replies":[{"embeddable":true,"href":"https:\/\/ifamnews.com\/en\/wp-json\/wp\/v2\/comments?post=15632"}],"version-history":[{"count":2,"href":"https:\/\/ifamnews.com\/en\/wp-json\/wp\/v2\/posts\/15632\/revisions"}],"predecessor-version":[{"id":15641,"href":"https:\/\/ifamnews.com\/en\/wp-json\/wp\/v2\/posts\/15632\/revisions\/15641"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ifamnews.com\/en\/wp-json\/wp\/v2\/media\/15634"}],"wp:attachment":[{"href":"https:\/\/ifamnews.com\/en\/wp-json\/wp\/v2\/media?parent=15632"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ifamnews.com\/en\/wp-json\/wp\/v2\/categories?post=15632"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ifamnews.com\/en\/wp-json\/wp\/v2\/tags?post=15632"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}