Center for Retirement Research | Do People Save More Money After They Marry?
Conventional wisdom dictates that everyone should save as much as they can, as early as they can, for as long as they can in order to live a dignified life in retirement. However, the attached research provides evidence that young savers may be hurting their chances of reaching their retirement savings goals. When they enter the workforce, fewer of them contribute to a 401(k) and, if they do participate, their contribution rate may be too low. What is the wake-up call event that a retirement savings rate may be too low? Marriage! Unfortunately, the marriage catalyst is happening later in life for Millennials than prior generations and may be impacting retirement preparedness.