A recent MetLife Mature Market Institute study on the effect of family structures on retirement planning finds that there are some common concerns shared by most middle-aged Americans. It also shows that family structure—whether they’re single women, part of a blended family or in a traditional family—influences how individuals plan for and envision their retirement.
According to The MetLife Family Matters Study: Examining the Effect of Varying Family Structures on Retirement Planning, retirement income and healthcare costs are common concerns for all three groups (a PDF of the report can be downloaded at http://www.metlife.com/WPSAssets/14035753041203514133V1FFamilyMatters.pdf.)
As middle-aged Americans prepare for retirement, it will be important for them to consider how much healthcare and long-term care will cost should they live well into their 80s or 90s; how much lifetime income they will need; and how income and health costs interrelate. The report also notes that single women and women who live alone are potentially more vulnerable in retirement.
The study found they are less likely to have retirement savings—such as 401(k) plans—to draw from, and they’re less well-versed in understanding the basics of retirement as compared to those from traditional families and blended families.
This study has a number of practical implications, not only for those who are in mid-life, but also for professionals and organizations working with this demographic.
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