A recent study from America has looked at the experiences of couples during retirement and how well prepared they are to handle issues that might arise during this stage of their lives.
The study, which was conducted by Merrill Lynch, found that the vast majority of people age 50+ have not prepared for potential family events and challenges that could affect their retirement.
One event that could take couples by surprise is the issue of boomerang children. The study found one in five parents (19%t) age 50+ have at least one “boomerang” adult child who has moved back in with them.
More than two-thirds (68%) of parents age 50+ have provided some form of financial support to their adult children during the last five years – among which, 36% did so without knowing how their money was being used.
A second event that could have a dramatic effect on the experience of retirement is the loss of a spouse through death or divorce.
Only one-third (33%) of people age 50 and older say they feel well prepared for retirement if everything goes as they expect. Less than one-quarter (24%) would feel prepared if their spouse died – a troubling statistic given that more than half of women over the age of 70 have been widowed and 14% of people age 50 and older are divorced.
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