Spouses don’t realize when they need to save for two.
Every time we look at households’ preparedness for retirement, we find that two-earner couples are in the worst shape.
Since two-earner households generally earn more than one-earner households, they need more savings. But only about half of private sector workers have a workplace retirement plan at any given time, and people rarely save outside of such plans. As a result, only one person in many two-earner couples is actually saving. In this situation, the spouse with a plan should save more to make up for the non-saving spouse.
The simple comparison of 401 contribution rates for individuals in the three groups shows that no matter what a saver’s spouse is doing the saver’s total contribution rate is typically 8% to 9% of his earnings . In other words, these individual savers do not seem to realize that they need to pick up the slack if their spouse is working but not saving. Regression analysis essentially confirms this pattern.
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