Discussed retirement income with your partner? No, neither have a quarter of UK couples
29 June 2018
- Two thirds (67 per cent) of couples have no idea what their combined retirement income will be
- One in five (21 per cent) have never even disclosed their exact income to their partner
- Just under three quarters (73 per cent) of couples have not taken advantage of new pension rule changes, despite the majority (90 per cent) knowing about the changes
- Nearly half (46 per cent) of couples fear they will run out of money in retirement
Nearly a quarter (24 per cent) of couples admit they have never discussed retirement income plans with their partner or spouse. This revelation is one of the findings of Prudential’s latest annual research into the retirement aspirations and financial planning of UK couples aged 40 and over.
One in 14 (seven per cent), say they have had a conversation with their partner but have not discussed it again for over 10 years, pre-credit crisis, where personal finances would have been in a very different situation.
Not only are couples not talking about future financial plans, but they are also keeping quiet about their current financial situations. One in five (21 per cent) admit they have not disclosed their exact income to their partner, and one in six (17 per cent) don’t know what their partner earns.
It all adds up to retirement confusion - two thirds (67 per cent) of couples do not have an approximate figure in mind for a joint annual income when they retire.
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