Couples fail to discuss retirement funding
A report by Prudential claims that the vast majority of UK couples fail to discuss their retirement options before it is too late. Many over 55's are currently sitting on significant equity in their properties although equity release options are very rarely discussed in detail. Indeed the report suggests that over 30% of couples aged 40 have no idea about the financial strength or the financial weakness of their partner and can therefore not plan ahead with any great confidence.
However, alarmingly, over 20% of those questioned have never ever discussed financial planning for their retirement with their partners. This is a situation which should be addressed sooner rather than later because ultimately the sooner you start funding your retirement options the more likely you will be able to plan ahead for a "more comfortable" old-age. It is never too soon to discuss your retirement options, whether this be pensions, investments or other financial tools available because ultimately the sooner you start saving, the more money you should have available upon your retirement.
Retirement planning should be one of the major issues which you discuss with your financial advisor on a regular basis to ensure you are doing as much as you can within your own financial remit.
Share this..
Related stories
Doctors Threaten Further Action over Pension Reforms
The dispute between the Government and doctors in the UK seems to have escalated, with doctors calling for further industrial action to be taken over pension reforms. The implications of this could mean another day of skeleton service, similar to that practiced on Christmas Day, whereby there are only enough doctors on standby for emergencies. The possibility of this looked more likely after t...
Read MoreOver fifties supplement pensions with collectibles
Over-50s in the UK are investing in collectibles and antiques in an effort to supplement their pensions and in the hope that their hobby will help to pay for a more comfortable retirement.According to research from Direct Line, over the past five years, the age group has spent an enormous £2.5 billion on collecting items ranging from royal memorabilia to comic books to old records.A third of thos...
Read MoreAre pensions compulsory ?
Around 268,000 employees in the UK don't have a pension. At the moment, having a pension is not compulsory; however this is subject to change and suggested schemes such as the Government’s Personal Account could mean that in the future we are required to hold a pension scheme. As an example, the Personal Account scheme would have an "opt out" option, but every employee in the UK will be enrolled...
Read MorePension changes could leave many without cash
12/01/2015 The charity Age UK has warned that the pension changes coming in April could leave significant numbers of older people running out of money in retirement. The new rules mean anyone over the age of 55 can take as much money as they like out of their Defined Contribution schemes, at lower tax rates. Age UK believes with the new rules pensioners may run out of money by age 75 years....
Read MoreBrown accused of pension "spin"
Chancellor Gordon Brown finds himself embroiled in further controversy this morning as the row over his 1997 decision to scrap the dividend tax credit goes on.Over the weekend the favourite to succeed prime minister Tony Blair as Labour leader was hit by allegations from the Times newspaper that he carried out the decision against the advice of other government officials.Analysts have said the fai...
Read More