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Retirement

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Original poster

Do you or did you plan your retirement as a couple?

33 replies

Marmut · 02/11/2024 19:49

I am just wondering what approach most people take when planning retirement when they are a couple? Do you or did you plan it together as a couple? For instance, agreeing on how much needed per month during retirement and use this to build pension together as a couple? Or do you/did you plan your pension individually?

At the moment, even though I am married, I am kind of planning it individually by calculating how much I need to survive per month during retirement and use this to work out my pension goal. Is this normal? Or unnecessary? 🤔

OP posts:
LimeYellow · 24/12/2024 13:29

We're almost the same age (49 and 50). DH has a better pension than me because I was a SAHM for a few years when the DC were little, but mine is not bad. All our finances are shared including pensions, so we are planning together in the sense that we'll look at the overall amount and decide when it's enough, but that doesn't necessarily mean we'll retire at the same time - his job is more stressful than mine, so I can imagine him wanting to retire earlier than me. I enjoy my job so I wouldn't mind working for a bit longer.

good96 · 28/12/2024 22:01

Marmut · 02/11/2024 19:49

I am just wondering what approach most people take when planning retirement when they are a couple? Do you or did you plan it together as a couple? For instance, agreeing on how much needed per month during retirement and use this to build pension together as a couple? Or do you/did you plan your pension individually?

At the moment, even though I am married, I am kind of planning it individually by calculating how much I need to survive per month during retirement and use this to work out my pension goal. Is this normal? Or unnecessary? 🤔

Why plan it individually? Do you plan to divorce your DH?

We’ve always planned our retirement together - I’d say we properly started discussing it about 1999/2000 so 25 years ago. We were in our late thirties then and whilst we had our pensions from the start of our careers it wasn’t something really we discussed. We started investing in rental properties back then to support our retirement.

I was 60 this year, my DH is coming up for 62.

We could have retired at 55 and 57 but we then decided to carry on as we enjoy what we do - I am a Headteacher, my DH also works in education but in an executive role now.

Initial plan was to retire this year; both of us but we have both decided to retire in Summer 2026 when we will be 62 and 64.

We move into our forever home in January which we will completely renovate - we have sold a couple of properties in our portfolio to enable us to do the work.

Plan is to sell off the remainder of the properties over the course of the next 5-10 years - they are all M/F and currently generate about £4k a month after tax. We also have our pensions as well…

johnyhadasister · 28/12/2024 22:06

I cannot imagine any of this. My husband has mortgage and bills on his name and will be this way...I will be happy for him to retire when he wants, if my body allows me , I will be happy doing small jobs here and there or even full time if find some

though having separate bank accounts, we have always been a total unit.

Mischance · 28/12/2024 22:08

Planned together - then he went and died. Best laid plans and all that ...... Sad

Ratfinkstinkypink · 28/12/2024 22:09

We planned together. Then cancer came along and now I am planning it for just me.

theresnolimits · 28/12/2024 22:12

We planned together and took retirement together when I was 60 and DH was 64. We put together a spreadsheet with our retirement goals in our early 50s and worked towards that. We’ve always shared money and we have worked out we’d both be fine if one of us died. And if we’d divorced, we’d have both had to share our pensions and we’d both have been fine.

We’re a couple and it would be odd to me not to have a joint retirement plan in the same way that we have always had a joint life plan, joint saving goals etc.

johnyhadasister · 28/12/2024 22:25

Anotheremptynester · 03/11/2024 21:56

If you have kids and take a lower paid job or go part time, then you are going to have a smaller pension. I cant believe some women here are not considering their income and pension as shared. Whats mine is yours etc!

I dont like the fact my pension is so small but after the career sarifices I made, there's no way my husbands pension is just 'his'.

I will never understand a man who says his salary or pension is only his. That is ridiculous

HobnobGob · 28/12/2024 23:18

Planned separately, but discussed.

He is older than me, we're not married (but in a long-term relationship), no kids (none planned/wanted) and I earn a lot more than him. Own the house together equally.

I'm in a lucky position to be able to max out my pension contributions, my plan is that we both retire/semi retire in 10 years - I want to keep up some part time work to keep my brain going, he can do the same. My pension will cover us both when I'm able to draw it.

He has almost no pension savings to speak of, although he is saving a "normal" amount now - it wouldn't really be enough to live off when you look at those charts re quality of life. I encourage him to save as much as he can so he can have his independence.

As he is older I want us to be able to enjoy life together without work, but he is hopeless at money and saving so I don't see the point in "planning" it together. He also doesn't earn a lot so is limited in what he can save. He is just along for the ride and will be happy to retire early!

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