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Study Finds Couples at Odds Over Retirement

Finding: More than half (58%) of couples surveyed agree they are working with a financial professional to help them reach their retirement saving goals.
Advice: Sharing ideas and working as a team with a professional, as well as your spouse, to plan for retirement can help lay the groundwork and ensure you stay on track to achieve your retirement goals.

Finding: Sixty-three percent of couples surveyed have worked on a detailed retirement income plan to ensure they do not outlive their savings.
Advice: Both spouses should acquaint themselves with the key components of a successful retirement income plan (budget, asset allocation strategy, withdrawal strategy) and what makes it successful. Work with a financial professional, or develop your own plan particular to your individual retirement time horizon, risk tolerances and goals.

Finding: Fifty-seven percent of couples don't agree about the frequency with which their retirement portfolio reviews take place.
Advice: Monitor and rebalance your portfolio at least once a year to make sure you are comfortable with the level of risk. Proper asset allocation becomes more important during times of extreme market expansion and contraction, as asset classes grow at different rates and lose value at varying levels.

Finding: Forty-two percent of couples surveyed are concerned about inflation cutting into savings and 19% are concerned that their Social Security benefit will be reduced.
Advice: To supplement an income beyond a pension and Social Security, annuities can provide a guaranteed income payment to help cover essential fixed expenses.

Finding: Roughly a third (31%) of couples surveyed agree that unexpected major health care expenses is among the top concerns in retirement.
Advice: Fidelity estimates that a couple retiring this year at age 65 with no employer-provided health care coverage will need $230,000 in savings to fund out-of-pocket medical expenses in retirement. Understand Medicare and how any employer-sponsored health benefits will work with Medicare in retirement. If you will need health care coverage between your retirement date and when you are eligible for Medicare (generally age 65), find out the cost of coverage under COBRA and various individual or association programs, if you qualify.

-- Written by Joe Mont in Boston.

>To contact the writer of this article, click here: Joe Mont.

>To follow the writer on Twitter, go to http://twitter.com/josephmont.

>To submit a news tip, send an email to: tips@thestreet.com.

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