Data & Research March 8, 2024

New Data Show Women in Same-Sex Marriages Live Longer, Have Greater Retirement Planning Needs

J.P. Morgan’s 2024 Guide to Retirement reveals how gender, sexual orientation and relationship status correlate with longevity. 

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Women in a same-sex relationship have a higher life expectancy than people in a heterosexual couple or a male same-sex couple, an important factor to consider when planning for retirement, according to J.P Morgan’s annual retirement guide.

It is well-established that women tend to live longer than men. J.P. Morgan’s “2024 Guide to Retirement” analyzed life expectancy, a key benchmark for advisers to consider, by gender couplings.

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 Life Expectancy Probability

Demographic

85

90

95

100

At least one of a female couple

77%

51%

20%

4%

At least one of a heterosexual couple

71%

43%

15%

3%

At least one of a male couple

63%

34%

10%

–

Both of a female couple

27%

9%

–

–

Both members of heterosexual couple

20%

6%

–

–

Both of a male couple

15%

4%

–

–

Women

52%

30%

11%

–

Men

39%

19%

5%

–

Source: J.P. Morgan

Each partner in a female couple has a higher life expectancy than when they are in a heterosexual relationship and than any male. Men in same-sex relationships have the lowest life expectancy in the two categories.

“When you’re making any investment decisions, what’s one of the first considerations that come into play? It’s your investment time horizon, and as it relates to the retirement planning landscape, that’s your longevity: how long you’re going to live,” said Mike Conrath, J.P. Morgan Asset Management’s chief retirement strategist, at the retirement guide’s launch event.

Conrath said it is not common in retirement planning to think of 30, 35 or more years without a paycheck. In his view, plan advisers should think about the time horizon very thoughtfully, while keeping in mind life expectancies could vary in either direction.

“First of all, life expectancies are averages, but no one is really an average,” he said. “But as it relates to longevity, these are really midpoints, not necessarily endpoints, so you’ve got to keep that in mind as well.”

The J.P. Morgan guide suggests:

  • Investing a portion of a portfolio for growth is important to maintain purchasing power over time;
  • Delaying benefits means increased Social Security income later in life, but a portfolio may need to bridge the gap and provide income until delayed benefits are received; and
  • The lower an expected long-term investment return and the longer the life expectancy, the more it pays for participants to wait to take their benefits.

Smoking continues to be a notable factor in individuals’ longevity, with non-smokers having a significantly higher life expectancy compared to the population average.

 

Life Expectancy Probability

Demographic

85

90

95

100

Women (Total population average)

52%

30%

11%

–

Women (Non-smokers)

72%

54%

31%

13%

Men (Total population average)

39%

19%

5%

–

Non-smokers men (Non-smokers)

63%

43%

22%

8%

Source: J.P. Morgan

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