Guide
Planning as a couple
When two people share a retirement, the question changes. It is no longer only how long you will live, but how long one of you will. Joint income usually has to last until the second death.
At least one, and both
The calculator shows two extra columns when you add a partner:
- At least one is the chance that one or both of you is still alive. This is the horizon for joint income, the family home and anything else that has to last for the survivor.
- Both is the chance that you are both still alive. It tells you how long you are likely to be spending as a couple, for example on travel.
An example
For a man and a woman both aged 65, using UK average figures:
| Chance | Man | Woman | At least one | Both |
|---|---|---|---|---|
| 90% | 6 | 9 | 17 | 4 |
| 75% | 13 | 17 | 22 | 10 |
| 50% | 21 | 24 | 27 | 16 |
| 25% | 27 | 29 | 31 | 22 |
| 10% | 31 | 33 | 34 | 26 |
There is an even chance that at least one of them reaches 92, and a 1 in 4 chance that at least one reaches 96. That is several years beyond either person's own 50% figure.
The chance that at least one of them reaches 90 is about 64%. For the man on his own it is about 34%, and for the woman about 46%.
Why this matters
- Pension income that stops, or falls, on the first death can leave the survivor short for many years.
- A plan based on the older partner's life expectancy is likely to be too short.
- Age gaps widen the "at least one" horizon further, especially where the younger partner is a woman.
A note on the method
The calculator treats the two lives as independent. In reality couples share lifestyles and circumstances, so their deaths are slightly correlated. The effect is small, but it means the "both" figures are a little pessimistic and the "at least one" figures a little optimistic.
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