Some 21% of women have no pension savings, compared with just 9% of men who are relying solely on state provision, according to another study by Prudential. Yet with life expectancy for women still longer than men, there is a real need for women to save more, and to make plans and provisions for their futures.
The average amount saved by women per month for retirement is just £100, according to Scottish Widows. Hannah Edwards at BRI Wealth Management says: “As women have a longer life expectancy than men, a woman does logically need a larger pension pot in capital terms.
“The new pension freedom rules – which allow access to pension savings for the over 55s – have been immensely well received by investors and planners, but you do need to be mindful that the capital does not run out. In Australia, where people who have enjoyed pension freedoms for a few years longer than ourselves, the average woman runs out of capital at just 86, for example.”
To retire on an income of £25,000 a year you will need to have saved a pot of £298,500 to top up your state pension, according to calculations by Hargreaves Lansdown. Enable’s IFA’s can help men and women find a way to start saving as soon as possible.
Issued by: Enable Independent Financial Life Planners 25c North Street, Bishops Stortford, Herts CM23 2LD Telephone: 01279 755950 - Fax: 01279 657339 Enable Independent Financial Life Planners is a trading style of Enable Independent Limited is authorised and regulated by the Financial Conduct Authority. It is important always to seek independent financial advice before making any decision regarding your finances. If you would like any assistance, please contact us. NOTHING CONTAINED IN THE ARTICLES SHOULD BE CONSIDERED AS GIVING INDIVIDUAL FINANCIAL ADVICE
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