I decided to write this post having read a very interesting article published by Standard Life which showed that marriage makes for better financial planning. So saying ‘I do’ does in fact bring more than just emotional happiness; it can also increase the attention people pay to their future finances too. Some of the interesting statistics can be seen below;

•  Married people are 53% more likely to know what their income is likely to be when they retire than people who are living with their partners .
• 41% of those with a pension  who have tied the knot know the value of their combined pension pots compared to 27% of co-habiting people.
• 53% of people who have walked down the aisle know what their retirement income is likely to be, whereas 23% who live with their partners as married said they didn’t know.
• Married people are twice as likely to have three or more pensions  than single people 6%.

So its clear from the above statistics that marriage does bring with it a new role and a new importance for retirement planning. As the old saying goes ‘ You cannot predict the future but you can protect yourself from what it may bring’, and this is why it is so important to begin retirement planning at an early stage so you can live the life you want to after retirement.

 

 

*Figures taken from Standard Life Plc media publication 31/10/2013