Single retirees may be worse off at retirement as they do not have the double benefits that couples do. According to a recent study, singles would need a larger nest egg than a married person would. *
Couples are at an advantage as they have two state pensions, their private pensions, and two income tax breaks, as opposed to a single retiree who benefits only from one state pension and one income tax break.
What can a single person do to remedy this problem?
If you are at retirement age already, very little can be done, apart from possibly deferring your pension for a few more years to grow in interest, working part time to supplement your income, or tightening the belt a lot.
No one knows what the future holds, so it is best to plan for the worst-case scenario. We might be married or in a civil partnership now, but could end up single later in life and inherit the burdens of a single person.
We should all plan our retirement as if we are single, so we can avoid nasty financial shortage surprises. It is always recommended to consult with your financial adviser about getting your retirement plan on track [email protected]
*www.which.co.uk
Please note, the above is for education purposes only and does not constitute advice. You should always contact your deVere Acuma adviser for a personal consultation.
* No liability can be accepted for any actions taken or refrained from being taken, as a result of reading the above.
deVere Acuma’s Public Relations Department deals with all areas of the media and external communications including international, national, regional, local, trade, consumer, print, broadcast, social and online. The Department aims to provide a helpful service to journalists, broadcasters and editors, amongst others, and reply to all media enquiries, including urgent enquiries out of hours, within agreed deadlines. Our press office does not have access to client details and will not be able to assist with individual client enquiries. Please contact deVere Acuma’s Head of Media and Public Relations for deVere Group on [email protected] or call +971 2071220925