Only 46% of couples make joint retirement arrangements to ensure the remaining spouse will continue to receive income when they pass away, research from Prudential has found.
A study of 2,002 couples over the age of 40 reveals that 26% of couples have never discussed the issue, while 13% admit that making a will is the only financial planning activity they have done together.
Moreover, 7% will be completely dependent on their partner’s income in retirement, with 10% of women planning to be dependent on their partner in retirement compared with 5% of men.
The research found that 17% does not know what their main source of income will be in retirement, 65% will rely on their own pension savings and 11% will look to sources other than pensions to fund their retirement. But 75% of those polled claim they have no idea what their retirement income will be.
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