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Why Couple’s Should Plan Retirement Together? Avoid 3 Traps
Are you planning your retirement as a couple — or is one of you doing it alone?
When one partner dies, the surviving partner loses an entire State Pension overnight. That's roughly £12,500 a year gone while the bills barely change. Grey divorce has tripled since 1990, and 80% of couples never mention pensions in the settlement — despite it being their biggest asset after the house. Most couples are also paying thousands more in tax than they need to, simply by withdrawing from one pot instead of two.
In this episode, I cover the income drop that hits surviving partners, the two-allowance tax strategy that saves around £2,500 a year, the expression of wish form that takes five minutes but could save your partner tens of thousands, and the pension chunk method for withdrawing up to £167,000 tax-free over five years.
With over 25 years advising individuals and major organisations on pensions and retirement, I've seen first-hand what happens when couples don't plan together — and how straightforward the fixes are.
Watch this episode in full on our YouTube channel: https://www.youtube.com/@retirementandmoney
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By Saq HussainAre you planning your retirement as a couple — or is one of you doing it alone?
When one partner dies, the surviving partner loses an entire State Pension overnight. That's roughly £12,500 a year gone while the bills barely change. Grey divorce has tripled since 1990, and 80% of couples never mention pensions in the settlement — despite it being their biggest asset after the house. Most couples are also paying thousands more in tax than they need to, simply by withdrawing from one pot instead of two.
In this episode, I cover the income drop that hits surviving partners, the two-allowance tax strategy that saves around £2,500 a year, the expression of wish form that takes five minutes but could save your partner tens of thousands, and the pension chunk method for withdrawing up to £167,000 tax-free over five years.
With over 25 years advising individuals and major organisations on pensions and retirement, I've seen first-hand what happens when couples don't plan together — and how straightforward the fixes are.
Watch this episode in full on our YouTube channel: https://www.youtube.com/@retirementandmoney