Women to fund partners' retirement

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Women to fund partners' retirement

Fri 20th Oct 2006

When it comes to retirement, one in 12 British men are expecting their wife to provide the income says Zurich.

A total of 14 per cent of women questioned said they believed their retirement income would come from their husband.

In terms of relying on a state pension income, 18 per cent of people said they would have to rely on this to fund their retirement, while the under-25 age group were the ones least likely to claim they would rely on this as a source of retirement income.

Pensions management director at Zurich UK Dave Lowe explained: "Whilst it is interesting to see that a proportion of men are looking to their partners to help fund their retirement, the most encouraging finding has to be that the message about not relying on the state seems to be hitting home, particularly among the younger generation."

Mr Lowe also called on people to take "more responsibility" when it comes to funding retirement and urged individuals to begin saving early and to consult with professionals for financial advice.

Property and other forms of investment were utilised by 11 per cent of people in their retirement income plans but 48 per cent stated that a pension, be it state, occupational or private would be their main source of income.

It could prove beneficial to contact the Pension Service who will calculate the amount owed to an individual in the form of their pension and provide detailed advice on how to plan for retirement.

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