Retirement: Don’t leave your loved ones out in the cold


Dont leave your loved ones out in the cold 150pxNew research has shown a significant proportion of people fail to discuss their retirement plans with their spouse or partner, potentially leading to financial hardship in years to come.

The figures from Aviva’s latest Real Retirement Report, revealed some interesting attitudes towards discussing retirement:


  • 28% of people over 55 have not discussed retirement finances with their partner or spouse
  • 25% of over 55’s have not had these discussions because they do not have a full view of their finances
  • Alarmingly only 22% of people have chosen retirement income options which will provide an income to their spouse after they themselves have died

So why should you discuss your retirement plans with your spouse or partner? How could it leave them worse off if you don’t?

Here are a few reasons why you should and your spouse or partner should both be fully involved with any decisions you make.

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Will you have enough income?

In our experience, it’s often the case that the person who knows most about the day to day household finances has the smaller pension pot.

If this is the case and you are making decisions on how to turn your pension into an income alone, how will you know it is going to create enough income to cover your household expenditure if you don’t talk it through with your spouse or partner?

Budgeting, not only to meet day to day costs, but also future capital expenditure, is crucial, if you are going to have a comfortable retirement.

Planning can be complicated

Whether it’s the State Pension, a workplace pension or one we’ve set up yourself, many of us will have more than one pension.

Working out how best to maximise the income from each of these, whilst taking into account events the future might hold, can be a complicated task.

Only when you know everything about your spouse or partner’s pensions can you make informed decisions about your own.

What will the future hold?

The Aviva survey found that just 22% of people have chosen retirement income options which will provide an on-going income to their spouse or partner.

This statistic is truly shocking.

It might be the case that your spouse or partner has an enough income to live comfortably if you die before they do. But how do you know unless you sit down and talk about it?

We have been concerned for a while now that too many people are buying Annuities without including options to protect their spouse or partner.

Two heads are better than one!

Even if you’re taking advice the old saying that “two heads are better than one” is still true.

Sitting down with your partner or spouse to discuss your options can only help you to come to a better decision. They might spot something you have missed, suggest a different option or get you to look at things in a new light.

“It’s good to talk”

As the late, great Bob Hoskins said in his famous commercial: “It’s good to talk”; unfortunately too many people still fail to talk about their retirement plans with their spouse or partner.

It doesn’t have to take long either, a couple of hours to help you come to a better decision are nothing compared to the next 10, 20 or even 30 years you will hopefully have in retirement.

Of course our advisers are here to help.

Our team of Independent Financial Advisers are experienced in developing retirement income strategies for clients the length and breadth of the UK. If you are approaching retirement and would like advice on your options call one of our IFAs today on 0115 933 8433, alternatively enquire online or email