TWO-THIRDS of couples over the age of 40 who are living together have no idea what their combined retirement income will be, a survey has found.
Some 67% of people surveyed could not give an approximate figure for their joint retirement income.
A fifth (21%) said they have not told their partner exactly how much they earn, and a further 17% are in the dark about what their partner earns.
The research, from Prudential, found that nearly a quarter (24%) of couples have never discussed retirement income plans with their partner or spouse.
One in 14 (7%), said that, while they have discussed their retirement plans with their partner, the conversation was more than 10 years ago.
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
Women could be putting themselves more at risk by not having retirement conversations, as 9% of women are expecting to rely on the retirement income of their partner or spouse, compared with 2% of men.
Stan Russell, a retirement expert at Prudential, said: “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.”
As well as professional financial advice, the Government-backed Pension Wise service is available give people approaching retirement guidance to help them make decisions.
The survey involved 1,000 people aged 40-plus across the UK who live with their spouse or partner.