There are many types of families out there: married, single parent, divorced, domestic partners, widows and widowers, that's why the MetLife Mature Market Institute has released a series of financial planning tips with information specific to each family type.
Based on its recent study, "The New American Family: The MetLife Study of Family Structure and Financial Well-Being," MetLife is trying to address the many different types of financial stress that come along with varied family groups.
Its tips provide universal advice, like maintain your health insurance, keep your legal affairs in order and determine when you'll collect Social Security and how much you are due. They also provide more specific suggestions for married couples, couples in a first or second marriage, domestic partners, widows and widowers, those divorced or separated and those who are single and never married.
Recommended For You
"The economy has been difficult for almost everyone, but different family types have different concerns and there are individualized ways to handle them," said Sandra Timmermann, director of the MetLife Mature Market Institute.
"Singles should be particularly disciplined about saving and planning for the simple reason that they don't have the same safety net. Couples with children have to consider the expenses of raising them, subsidizing higher education costs and perhaps, assistance later on. Divorced individuals and those in second marriages have still more financial considerations."
According to the latest U.S. Census figures, there were 31 million single-person households in the U.S. in 2010, up 15 percent from 2000 and four times more than the 7 million in 1960. Married couples represent fewer than half (48 percent) of households (the first time that figure has been less than half since data collection on families began in 1940) and only 20 percent of all households in the U.S. are married with children.
MetLife recommends that couples in a first marriage save using a combination of financial products to guarantee lifetime income for both spouses. It also recommends that couples communicate openly about financial expectations and differences, set goals and spending budgets for pre- and post-retirement spending and recognize the impact of supporting others when planning for retirement.
Domestic partners should learn about any special issues related to saving for retirement and planning for lifetime income for their specific family structure. Non-married partners may not have the same employee benefit rights as married couples. Make sure you draw up a will so that your assets will go to your partner, children and other family members, according to your wishes.
For single individuals who have never been married, MetLife advises them to start planning and saving for retirement as early as possible, even if it is only a small amount. Make an effort to understand the value of your employee benefits and take advantage of them and establish ongoing sources of steady guaranteed income throughout your retirement.
The MetLife Mature Market Institute is Metropolitan Life Insurance Company's (MetLife) center of expertise in aging, longevity and the generations.
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
