Couples put Retirement Plans at risk by failing to talk

Fewer than one in three people (32%) over the age of 40 who live with their spouse or
partner have made arrangements to ensure that if they die their other half will continue to
receive an income from their pension. 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.

This year’s results found couples risking their retirement plans by failing to talk to each other
about their finances. More than one in five couples (22%) have never discussed their
financial plans for retirement and one in 10 (10%) last talked about their retirement
finances more than six years ago.

Prudential has conducted its couple’s retirement research every year since 2010 and the
results have consistently found that women’s retirements are most at risk from couples’ lack
of financial planning conversations. This year’s figures show that one in 10 women will be
completely reliant on their partner’s income in retirement while a further 13% expect
their income to come entirely from the State Pension.

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