There are four times as many widows as widowers aged 80 plus, says Just Group, highlighting the importance of couples making joint financial plans for later life.
There are 1.1 million widows aged 80 and over, outnumbering the 259,000 male widowers of the same age group by four-to-one, according to official figures by the Office for National Statistics.
Despite a longer life expectancy, women typically build up smaller pension pots than their male counterparts. The gender pension gap for private pension wealth at age 55 stands at 35%, rising to 44% for those with defined benefit pensions only.
This suggests that annual disposable income for retired men is 21% higher than for retired women.
Stephen Lowe, group communications director at Just Group, said: “The disproportionately large number of widows, compared to widowers, over the age of 80 should raise important questions for couples about their financial preparations for later life.
“Women, on average, enter retirement with smaller pensions and lower income. They are also more likely to live longer and to be left worse off in retirement when their partner dies unless, as a couple, they take steps to make sure the survivor is protected.”
Lowe said couples should ensure there is a continuation of income paid from the deceased’s pension arrangements, which can be particularly valuable in relationships where one partner has significantly more wealth or greater pension income than the other.
Lowe added: “The PLSA’s Retirement Living Standards show that on average a single person needs around 70% of the income of a couple to maintain the same standard of living in retirement.
“It may not seem the most romantic topic of conversation but making sure your loved one will be well provided for after your death, or vice versa, is a practical gesture of love and consideration. Making sure you have some of the more everyday aspects covered is equally important.
“These are difficult conversations but a little planning ahead could make a real difference to the comfort and security of loved ones after death.”
