U.S. couples expect to retire later: Fidelity

Wed Jun 10, 2009 8:05pm EDT
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By Erin Kutz

BOSTON (Reuters) - American couples expect to retire later and have less leisure when they do, according to a study released on Wednesday by mutual fund giant Fidelity Investments.

Two out of every five couples surveyed expect one or both spouses will work part-time during retirement. And only about half of the couples expect to have a comfortable retirement

Richard Day Research polled 502 married couples who earn at least $75,000 or have $100,000 in investable assets on behalf of Fidelity, which manages more than 17,500 corporate retirement plans for 11.3 million employees.

It was the second time the survey was conducted. The first was in 2007.

Couples told the researchers that they would delay their retirement by one year on average, in comparison to a previous survey.

Couples also reflected a lack of agreement on specific retirement details this year, with only 38 percent of couples reporting that they make decisions on their retirement finances together.

Uncertainty between couples preparing for retirement makes them less equipped to navigate the financial crisis, said Jon Skillman, president of Fidelity Investments Life Insurance Company.

"There's that old saying, if you don't know where you're going, any plan will get you there," he said. "The plan that gets you anywhere is not likely to be the plan that leads to financial security."

(Reporting by Erin Kutz; editing by Leslie Gevirtz)