Why We Need to Talk About Money More Often

We don’t talk about our pensions enough. Be it how much we’re saving, what to do if a loved one takes some time out of work, or what we’d like to spend the money we’ve saved on. Our pensions should be something we chat about with a friend over a glass of wine, when teaching children about money, or planning the future with a partner.

As many as 38% of people in their 50s say their partner hasn't done anything to support their retirement security, rising to 44% among those in their 60s. In your 50s and 60s, as you start to think more about your lifestyle later on in life, this is really important. And it’s not always financial support, a conversation and emotional support are often just as, if not more, valuable.

1. Do your life admin now

Spending time as a couple to catch up on pension admin - including downloading apps and looking over your paperwork will help you both clarify where you’re at. Treat it like a bit of a “pensions amnesty” - a simple way to bring everything together, clear the gaps, and make sure your retirement savings are working as they should.

Make sure you’re getting full employer contributions, update your beneficiary details, and track down any lost pensions from previous jobs. It’s also worth checking your State Pension entitlement so you understand what’s already in place. Some couples may also benefit from professional advice, or looking online at sites like MoneyHelper.”

2. Build your financial picture

It’s really hard to plan for a future you can’t see. If you are in a couple, having a clear, combined picture of your savings is one of the most important steps you can take for your retirement security. Sit down together, log into your accounts, and look at the numbers. Total up what you both have so you can understand your true starting point.

3. Check in on aspirations

Everyone has different aspirations for their later years, but many couples have never actually voiced them. One of you might want to retire early, drop your working hours, or transition into a completely new career in your 50s. Sit down and map out your goals together so you can align your financial plans with the lifestyle you both actually want. Only 18% of people in their 50s have talked about how to access their pension, this drops to 13% in early 60s, so while you look at your goals, also look at how you should be accessing your savings.

4. Support each other through career breaks

“By age 55, one in four women (24%) have been out of work for more than five years and this is a big driver of the gender pension gap. It’s key that any time out of work is viewed as a shared financial responsibility, be it raising children or taking time out to care for loved ones. You can top up your partner's pension when they are out of work so you can both keep building those savings for the future.