A retirement plan for a couple looks very different from that of a single person. Most plan their retirement as a single person and never bother to adapt it when they get married.

Questions to ask yourself about your retirement as a couple

• Are you going to retire at the same time?
• Are you going to stagger your retirement?
• Are you going to defer your pension for a few years to build more capital?
• Are either of you going to continue working?
• Will you relocate to another country?
• If there is an age gap between spouses and will the younger spouse retire early?
• Are you going to rely on only one spouse’s pension, or will there be two pensions to live off?

All this is going to affect your retirement plans and income.

As a couple, you might need a larger nest egg to cover your retirement. Your combined pension pots could offer you a better retirement lifestyle than a single income, but If one spouse is going to stay home, then you might have to increase the single pension contributions to cover this shortfall, or possibly open a private pension plan for the stay-at-home spouse.

It is vital to consult with an adviser to determine how your retirement plans as a couple will pan out and where you are headed.

One option open to couples that many singles can’t afford to do, is to stagger their retirement. This means that one spouse will retire whilst the other continues working, or not drawing money from all your pensions at the same time.         By working for a few more years, the working spouse could build more capital in the retirement pot and have a more luxurious retirement. It will also allow them to ease into retirement and not have to tighten the belt in one go.

Another possibility, if using your personal or company pension to live off, is to defer state pensions for a few years. It will boost the supplemental income for the couple. 

An important aspect is for couples to visualise the type of retirement that they want e.g. moving to a sunnier country like Spain where cost of living might be lower than where they live now or turning their property into a B&B for extra income. This all determines how much will be needed for retirement. 

Your adviser will help you plan for retirement as a couple and ask questions that you might not have even considered yet. [email protected]

Please note, the above is for education purposes only and does not constitute advice. You should always contact your deVere adviser for a personal consultation.
* No liability can be accepted for any actions taken or refrained from being taken, as a result of reading the above.