Helen Morrissey, Head of Retirement Analysis at Hargreaves Lansdown, comments on the benefits of planning retirement finances as a couple.

Data from the HL Savings and Resilience Barometer has found that 49% of households where couples make retirement plans together were on track for a moderate retirement income. This compares to 40% of those who made decisions themselves and 41% for households who delegated decision making to a partner.

Making use of tax allowances can boost the overall financial resilience of a couple, as well as an individual.

Helen Morrissey, Head of Retirement Analysis at Hargreaves Lansdown, comments:

Two heads really are better than one when it comes to retirement planning with the latest data from the HL Savings and Resilience Barometer showing almost half of households where financial decisions are shared are on track for a moderate retirement income. This compares to around 40% for those households where just one person takes the decision.

Putting a plan in place that works for you both ensures both parties know what their financial goals are and can work together to achieve them. Added to this, the financial burden of planning as a couple is not as onerous as it is if you are single as you will be sharing big costs such as energy, food and housing.

Leaving decisions to one partner leaves the other in the dark and you may not realise if you or your partner is under saving. Similarly, you could miss key opportunities to boost contributions that could make a real difference to how much you end up with in retirement.

Full release: Why it’s better to make retirement plans together - Almost half of couples on track for moderate retirement income

✉️ Helen Morrissey, Hargreaves Lansdown, 07527 384 709 / helen.morrissey@hl.co.uk