Men are four times more likely to die before their wives. Every couple MUST do this | Personal Finance | Finance [Video]

Women are still far more likely to outlive their husbands but many face a financial shock when their partner dies as all too often most of the pension is in the man’s name. Married couples, civil partners and cohabitees all need to plan ahead to make sure their retirement income doesn’t die along with him.

At 50, the average man has pension totalling £84,205, but this falls to just £39,654 for women, less than half as much.

One in three women have less than £5,000 in their pension pot, according to Legal & General. Women are also more likely to have no idea of the size of their pension.

When it comes to pension planning, ignorance isn’t bliss. Far from it.

Many widows are forced to downsize and work later in life to make ends meet. Others are too old or unwell to take such drastic steps and struggle.

The pensions gender gap…