1. (NU) - So much for thinking
we know everything that matters
about our spouse or significant
other -- at least, it seems, when it
comes to money.
According to Fidelity Invest-
ments’ new “2015 Couples Re-
tirement Study,” while the over-
whelming majority of couples
surveyed said they communicate
“exceptionally well” or “very
well” about financial matters, a
whopping 43 percent couldn’t
correctly identify how much their
partner earned -- up 16 percent
from the last time the question
was asked two years ago.And 10
percent of those in the dark were
off by $25,000 when they appar-
ently tried guessing.
“We know couples don’t al-
ways agree when it comes to
money, but we were surprised
how many missed the mark on
the question of their partner’s
salary,” says John Sweeney, Fi-
delity’s executive vice president
of retirement and investing strate-
gies. “If gaps exist around basic
questions like that, couples might
have other opportunities for im-
provement on the financial front,
including how and where to re-
tire and later-in-life issues like el-
dercare and estate planning.”
Feeling a bit smug because
you know how much your other
half makes right down to the last
decimal point? Then go ahead --
if you dare -- and try asking him
or her these questions to see how
you stack up:
• How much do we need to
save to maintain our current
lifestyle in retirement? (The sur-
vey results: 48 percent had “no
idea,” and another 47 percent --
particularly, alas, Baby Boomers
closest to retirement -- disagreed
on a figure.)
• How much can we expect in
Social Security benefits to help
complement what we’ve saved
independently? (The survey re-
sults: 60 percent of all couples
and 49 percent of Boomers drew
a complete blank, even though
the government regularly mails
the info out.)
• If you add up all our in-
vestible assets -- i.e., bank ac-
counts, mutual funds, retirement
accounts, and stocks and bonds
-- what’s the grand total? (Survey
results: 36 percent of couples
couldn’t agree.)
• Traveling the world or
staying put? (Survey results:
One in three gave conflicting
visions of their expected post-
retirement lifestyle.)
There are additional interactive
“Couples Quiz” questions on Fi-
delity’s website (fidelity.com/cou-
plesquiz) that you might want to
try, including a fun one about what
you’d do if your favorite store was
having a blow-out sale.
Answering them produces
your “Financial Personality,” and
you’re encouraged to share the re-
sults with your partner and learn
how to navigate the retirement
process together.
A word of advice: While it
pays to be honest, think long and
hard about how badly you want
to hit that sale.
Do You Know How Much Your
Other Half Really Earns?
MONEY
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