Retirement Planning for Couples: What to Consider – and How Much to Save

Planning your retirement as a couple means more than just doubling the numbers. It’s about aligning your goals, understanding your combined resources and making sure you’re both protected. At Find a Wealth Manager, we guide couples through the process: from determining your ideal retirement age, to assessing how much you need to save and how to structure your groundwork together.

Define Your Shared Retirement Vision

Before you crunch numbers, take time together to explore how you want retirement to look:

• When do you plan to retire? Your chosen age will influence how many years you’ll need income, and when your State Pension age kicks in.
• Do you want to travel, relocate, downsize, or simply maintain your current lifestyle? These preferences drive how much you’ll need to save and how your finances should be structured.
• What are your combined priorities? It’s essential that both partners feel aligned with the plan and understand how your joint strategy works.

At Find a Wealth Manager, we guide couples through the process: from determining your ideal retirement age, to assessing how much you need to save and how to structure your groundwork together

Take Stock of Your Combined Resources

A robust plan starts with clarity on what you have together:

• Each partner’s pension pots (workplace, personal, and legacy schemes).
• Your entitlement to the State Pension – and whether both partners have full National Insurance records.
• Other savings, investments, and assets (e.g., property, ISAs, business interests).
• Joint and individual liabilities (mortgages, loans, maintenance).

This clear picture lets you estimate whether your joint resources can meet your planned retirement lifestyle.

How Much Should a Couple Save for Retirement?

While there’s no one-size-fits-all number, research shows couples typically need more than singles – because fixed costs (housing, utilities, etc.) don’t always fall in half. The right amount depends on your retirement vision. At Find a Wealth Manager we work with you to translate lifestyle goals into savings targets. You’ll want to consider:

• How many years you expect your retirement to last.
• Whether one of you will continue working part-time or both fully retire.
• The likely income – from pensions, investments, and other assets.
• The risk you are comfortable with in your investment strategy as you draw income.

Key Areas Couples Often Overlook

Mortgage and Debt Clearance

Having a mortgage or other debt at retirement adds unnecessary pressure. If one partner retires early, the other’s income may need to cover joint liabilities.

Prioritising debt reduction can give both partners more flexibility.

Insurance, Wills & Power of Attorney

Life events such as bereavement affect couples differently. Make sure you have life insurance or a joint protection strategy and that your wills and powers of attorney are up to date.

Healthcare and Long-Term Planning

Couples should account for the possibility that one partner may need extra care or support.

Setting aside contingency funding ensures your lifestyle remains balanced for both of you.

Supporting Children or Dependants

If you plan to support children (or grandchildren), hobby funds, or other family commitments, you’ll need to factor this into your savings and retirement draw-down plan.

Review Regularly – Because Life Changes

Retirement planning for couples isn’t a one-time exercise. Most couples benefit from reviewing their plan annually or after major life changes: job change, inheritance, moving house, health issues. These reviews ensure you remain aligned and on track — and that nothing falls through the cracks.

Most couples benefit from reviewing their plan annually or after major life changes: job change, inheritance, moving house, health issues

Why Professional Advice Makes a Difference

Couples often have overlapping yet distinct financial situations – two pensions, potentially different retirement ages, and differing risk appetites. Through Find a Wealth Manager we introduce you to an adviser who can:

• Combine both partners’ objectives into a unified plan.
• Maximise your allowances and tax-efficient strategies across both.
• Advise on structuring draw-down so that both partners are considered (e.g., surviving partner income).
• Explain the implications of your joint decisions – making sure both partners feel secure.

Summary

Retirement planning for couples means coordinating goals, taking account of your joint financial picture and preparing together for the years ahead. By defining your vision, taking stock of resources, being mindful of key risk areas, and reviewing your plan regularly – you and your partner can retire with confidence and clarity. Through Find a Wealth Manager you can access expert guidance and ensure your combined plan is built for today, tomorrow and beyond.