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Don’t risk your financial future by keeping quiet

What is your least favourite thing to discuss with your partner? Money is probably high up there, but you could be risking your plans for a comfortable retirement if you don’t talk to your partner about your finances.

One in five (20%) of couples over the age of 40 have never discussed financial planning for retirement with their partner, while more than a quarter (27%) do not know how much money their partner has in pension savings, according to financial services group Prudential.

Worryingly, many couples are also running the risk of financial difficulties should the worst happen. Just two in five (42%) of couples have made arrangements for one partner to continue to receive an income in retirement should the other die.

Women are most at risk of being left without an income with 19% relying on their spouse or the State Pension in retirement, compared with just 8% of men.

These stats show the importance of talking to your partner about your financial future. But where should you begin?

Talking to your partner about money

Nearly half of couples (49%) have no idea about the level of retirement income they can expect when they stop working.

Before you start any financial conversations with your partner, you need to know what your own financial situation is.

Most people have more than one source of income in retirement. Your main income is likely to come from your State Pension and any other pensions you’ve paid into. You may also have other sources of income such as from savings or property.

You should be prepared to have an honest conversation about your financial situation and likely retirement income. Talking about any debts is also important. Consider what you would do if one of you died as well.

There’s no denying making that first step to talk about these situations can be tricky. The key is to set aside some proper time to talk about it – and never talk about money issues when you are angry!

If you do find it tricky, you may find it worthwhile to talk to a financial adviser.

A will makes it much easier for your family or friends to sort everything out when you die – without a will the process can be more time consuming and stressful. Although no-one wants to think about a time they may not be around, it is worthwhile doing it.

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  • Brian / 3 November 2015

    Having read all your literature, you have put in print what i would find hard to communicate to my partner. I will try again. Thank you.