A new study shows that many married couples aren’t on the same page when it comes to retirement finances. These days, it’s more important than ever to have a unified plan for retirement.

When it comes to retirement finances, couples do not have much confidence in their ability to manage their joint finances. In Fidelity Investment‘s second couples retirement study, released last week, only 15 percent of the 502 married couples surveyed said they could assume responsibility for their joint finances if necessary.

Additionally, “couples are not on the same page and in some cases they are not even reading the same book,” said Kathleen Murphy, president of personal investing at Fidelity Investments, recently told reporters.

According to the study, couples disagreed on critical retirement decisions like where they plan to get their retirement income from. Forty-four percent disagreed on whether they would sell real estate, 42 percent didn’t meet eye-to-eye on whether they would use brokerage or mutual funds, 39 percent disagreed on relying on annuity, 30 percent disagreed on whether they had company pensions and 26 percent did not agree on whether they had an individual retirement account (IRA).

Furthermore couples were also split on other key decisions: 60 percent didn’t agree on retirement age; 44 percent disagreed whether they would work during retirement; and 42 percent disagreed on their expected lifestyles.

“At the very least, both need to agree on basic assumptions that impact financial planning — when they plan to retire, whether they will continue to work part time and what lifestyle they hope to maintain,” Murphy said in a MarketWatch report.

One of the reasons couples disagreed so much was because they rarely discussed retirement planning. The study notes that less than half (45 percent) of the couples made decisions jointly regarding day-to-day financial decisions and even fewer (38 percent) talked about investment decisions.

“Many couples told us that they have fewer assets, will need to delay retirement and work longer, and are worried about the impact of inflation and rising healthcare costs on their retirement savings, yet they aren’t talking, planning or managing their finances jointly to address these very important issues,” Murphy said in a statement.

What the couples did agree on were the issues that would affect their retirement. More than half (57 percent) cited health-care expenses as the issue that concerned them most, followed by inflation’s impact on savings (41 percent) and Social Security reductions (19 percent).

To alleviate these concerns, Fidelity suggests couples jointly research their health-care options, understand the Medicare application process and evaluate their need for supplemental insurance. Additionally, they should jointly review their Social Security strategy to determine when they will start taking payments.

While the average age of the couples surveyed is 55 for husbands and 54 for wives, newlyweds in their 20s and 30s should be even more conscious of how Social Security benefits (or lack thereof) will affect their retirement. According to U.S. News & World Report, the trust fund will be depleted by 2037 and beneficiaries will be able to receive only what current workers are paying in — about 75 percent of the scheduled benefits, unless changes are made.

Although there are other ways to fund retirement, the study showed that many of the couples were confused about the products and how these products worked.

For example, 39 percent of the couples didn’t agree on whether they owned annuity, and less than 25 percent knew how much money their annuity will generate for them in retirement. Fifty-nine percent of couples knew they owned IRAs, but in 11 percent of these couples, one spouse did not know when the couple could begin withdrawing funds.

When it came to life insurance, 80 percent agreed that at least one of them was covered, however, 95 percent did not know how much insurance coverage they should have (seven times annual income). Once they knew, nearly half agreed they did not have enough coverage based on this rule.

And while the couples agreed that these are important issues to address, they have not developed better planning habits. Ironically, these same couples’ best financial advice for the newly married is to “make all financial decisions together.” Perhaps it’s time they heeded their own advice.

So how can couples figure out how to save for retirement?

A separate U.S. News & World Report article lays out a simple guide for retirement planning.

1. Figure out what you’re going to spend in retirement. Consider the lifestyle you want and what your risk tolerance will be now and in retirement. Factor in sources of income — pensions, Social Security, a second job and other assets.
2. Estimate how long you think you’ll live and plan for longer than you think you’ll be alive.
3. Aim to save 10 percent of your income while you still have kids at school. Once they’re out of the house, bump that savings up to 20 percent to 25 percent.
4. Decide whether you want to retire soon or retire well. Depending on where you live, a $1 million retirement fund may not allow you to live in the comfort that you want and you’ll have to work longer. Or you can decide to retire and downsize a bit.

About.com: Marriage also offers a host of financial advice for couples.

The bottom line is that couples need to be on the same page when it comes to retirement. “We recognize that every couple’s situation is different … others assessing whether they are able to retire, and some simply juggling the competing financial demands of raising a family,” Murphy said. “Each of these life events has clear financial implications that couples need to jointly discuss and then agree upon a plan of action.”

Resources
Fidelity Research Finds Couples Make No Progress in Joint Planning and Management of Retirement Finances…
Fidelity Investments, June 10, 2009

Honey, We Need to Talk
by Andrea Coombes
MarketWatch, June 10, 2009

Is $1 Million Enough to Retire?
by Emily Brandon
U.S. News & World Report, June 16, 2009

How to Prepare for the End of Social Security
by Kimberly Palmer
U.S. News & World Report, June 16, 2009

Financial Advice Married Couples May Not Want to Hear
by Sheir Stritof and Bob Stritof
About.com: Marriage