Survey reveals why many singles fear they may never retire

Retirement is expensive, especially when you do it alone.

A new study by the National Retirement Institute shows the degree to which Americans who retire without partners can suffer. A quarter of individual investors said they did not plan to retire alone, and more than a fifth said they were afraid to do so. These fears can start before retirement, with nearly 20% of non-retired singles worrying that they won’t be able to retire at all.

“Single investors face retirement challenges that their married counterparts do not, and rely solely on individual savings efforts compared to those who have a second source of income from a partner,” Rhona Guymon, senior vice president of Nationwide Annuity Distribution, said in a press release.

Nearly half of individual investors surveyed by Nationwide said they expect to need up to $600,000 in retirement savings to feel comfortable about their future. However, less than a quarter said they had at least $250,000 saved, and less than a fifth said they had $500,000 or more.

Bottom line

Nationwide said single people were less likely to have financial strategies to help them deal with market risks: fewer were those with partners who focused on portfolio diversification or assets less tied to markets, while those with partners were more likely to seek help with career planning.