Marriage changes so many things. I mean, it’s one of the biggest relationship status updates you can make on Facebook. You most likely are starting to make a home with someone, not just live with them. Nothing can bring two people together like marriage, except maybe a bank account. This week on the Let’s Talk Future show we shared some pretty interesting facts about how people save. Rather, the differences in peoples saving habits as it relates to their jobs and personal lives.
Your Future. Your Goals. Your Plan.
Government workers, or public sector jobs, have more access to a plan than private sector plan. Whether it’s state or federal, 90% of employees have access to a 401k or profit sharing plan. In the private sector that number drops to 66%. That’s a big gap. What’s even more astounding is the gap between how many employees take advantage of the options they have. Only 50% of private sector employees who are eligible for a plan use it to save, while 81% of government employees use the benefits offered to them.
Some of this may have to do with company culture. In the private sector it only takes on person at the top to disagree with the market or retirement plans. They might end up not pushing employee saving options and therefore employees that would use it miss out. It could also have to do with an employee’s personal saving habit, or personal life. Did you know that 65% of married couples have money set aside for retirement? Those bachelors and bachelorettes out there are spending their money on the chicken, potentially less concerned about the nest or the egg. In fact, only 43% of single people are saving money for retirement. Honestly, those facts make sense to me. Marriage is a plan, just like retirement. I don’t fault single people for being more concerned about them than starting a future. Although, saving for you should be a plan too, just like marriage was for the couples.
At the end of the day it’s important to remember to plan. Planning is an essential to lots of things in life. Retirement, Marriage, a night out, they all take some amount of planning. Ask your employer if they have a plan to offer. Consider all of your options. Contact an advisor who can help you plan for your future. Just because a boss might not be fond of it, doesn’t mean it’s not right for you. It’s your future, your goals, your plan.
We take listeners through our process for planning, investing, and saving for the future every week. This week we had Cyndi Meyers from Peoples Bank on to discuss the reality about reverse mortgages. To hear her full interview, listen here.
Ep. 79 Spending and Single, or Married with Money
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- Fun with Number Segment/Facts on Micro-Brewery’s (3:46)/(8:00)
- Text questions about investing for your kids, and creative answers. (12:52)
- Caller asks about transfer taxes and getting a good quote. (16:01)
- Cindy Myers of People Bank Joins the conversation answering your mortgage questions (19:38)
- What is a Reverse Mortgage? (22:19)