Importance of discussing retirement calculator highlighted by Prudential

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Importance of discussing retirement calculator highlighted by Prudential

Mon 8th Nov 2010

Prudential has urged anyone over 35 years old to discuss their pension plans with their husband or wife.

Vince Smith-Hughes, head of pensions development at the company, claimed that the earlier couples make plans for their retirement, the easier it will be to put aside enough money.

He pointed out that it takes many years to save for a comfortable pension and products relating to couples need to receive double the money.

However, Mr Smith-Hughes stressed there are plenty of advantages to such propositions, such as tax-efficient saving.

"Addressing retirement planning and talking to your partner about how you will fund your retirement is critical," he said.

Recent research by Prudential showed less than half of British couples over 40 have talked seriously about their pension plans together.

In another study, the company found 52 per cent of adults are putting themselves at risk of losing their retirement savings if their partner dies.

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