Planning for Two: A Practical Retirement for Unmarried Couples

We are living in an era where long-term relationships have evolved - but our approach to financial planning hasn't quite caught up. Our new data from our Retirement Report has highlighted the clear benefits of financial planning as a couple, whether you are married, in a civil partnership, or simply living under the same roof. 

However, the research reveals a significant gap in how we actually approach our future: 

• The teamwork drop - while over half (52%) of married couples and civil partners actively team up to safeguard their retirement, that financial teamwork drops to just 28% for cohabiting couples. 
• The communication taboo - talking about the future remains one of the last major taboos. Only 23% of couples have sat down to discuss how much they individually need to save. 

For couples hoping to finish work in the next two to five years, a lack of joint planning isn't just a minor oversight; it’s a lifestyle dealbreaker. Unmarried partners face a unique risk if they aren't planning as a team, simply because the legal safety nets aren't the same. 

If you are a few years away from calling time on the 9-to-5, it’s time to bridge the relationship savings gap with four practical steps:

1. Have the million-pound coffee date
With only 24% of couples discussing exactly when they can afford to stop working, silence is actively costing you. Grab a coffee, open your apps, and look at your actual joint numbers to find your true financial starting point. 

2. Grab the free cash from your boss
If you have a few years left of work, look into maximising your workplace pension contributions immediately to secure matched, completely free extra money for your nest egg. 

3. Claim your legal government top-ups
Ensure you benefit from tax relief and protection from UK Capital Gains Tax (CGT). Understanding your workplace scheme structure keeps more of your money protected from tax. It is also worth checking your State Pension entitlement together so you understand what baseline guaranteed income you already have in place, as well as identifying any potential gaps in your NI record. 

4. Play detective with old jobs
The average UK worker changes employers multiple times, leaving thousands of pounds sitting in forgotten, orphaned pension pots. Use the government’s free Pension Tracing Service to hunt down lost money and look into consolidating. Crucially, ensure your nominated beneficiaries are completely up to date with every provider. Pensions don't automatically transfer under a will, making this step particularly vital for unmarried couples to ensure savings go to the right partner. 

What should you do next? 

The good news is that it takes less than five minutes to take control. Savers can easily jump online and use interactive tools like our Retirement Calculator to see exactly where their joint pots stand, helping them visualise the small tweaks they can make right now to give their savings the ultimate final boost while they're still earning.