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Too many couples are putting their retirement at risk by failing to discuss their future financial plans, new research has found.
According to Prudential, 24% of couples admit they have never discussed retirement income plans with their partner or spouse. Around 7% say they have had a conversation with their partner but have not discussed it again for over ten years.
The research also found that couples are not only failing to talk about future financial plans, they are also keeping quiet about their current financial situations. One in five admit they have not disclosed their exact income to their partner, and one in six don’t know what their partner earns.
Prudential warns that this all adds up to retirement confusion, with 67% of couples not having an approximate figure in mind for a joint annual income when they retire.
Worryingly, 9% of women admit they will rely entirely on their parents or spouse’s retirement income, compared to just 2% of men. A further 10% state they have no retirement savings as a couple and will have to rely solely on the State for income.
“Couples who don’t talk, and make joint plans, risk losing out on making the most of the pension saving tax relief available between them, not using their full allowances in retirement and may also end up with unrealistic expectations of what their savings combined are worth,” commented Stan Russell, retirement expert at Prudential.
“For couples who have never had conversations regarding their personal finances, it is best to seek advice from a professional financial adviser who should be able to inform them of the best way they can maximise their savings and use new pension rules if appropriate,” he added.
If you need advice or assistance on retirement planning and pensions, the team here at Prosperity Financial can help. Call us today on 0141 280 6240 or complete our online enquiry form and a member of team will get right back to you.
