May 20 2013 Latest news:
Adam Aiken, Editor
Sunday, November 6, 2011
Millions of women aged over 40 who are living with their partners do not have their own pensions and are “sleepwalking into retirement poverty”.
Research from Prudential has found that nearly half of all women in this category are making no personal provision for later life.
“Women who think they can rely on their other half’s pension income without having discussed retirement plans with their partners – and preferably with a financial adviser, too – could find themselves in financial trouble, especially if they outlive their loved ones,” said Vince Smith-Hughes, of Prudential.
“Sitting down together and working out jointly what you will need to live on is an important part of making the right provision for the future.
“People may feel they can’t afford to significantly boost their retirement savings in the current financial climate, but taking even the smallest of steps can have a positive impact.
“Joining a workplace pension scheme, considering a joint life annuity so the income will continue after one partner dies, and topping up national insurance contributions are all options which can increase income in retirement.”