Almost 50% of women who are approaching retirement are worried about running out of money in later life*.
7% more women are concerned about exhausting their retirement savings too early compared with men. Women also feel that they are not in control of their retirement age with 41% of women who are still working feeling confident that they can choose when they retire compared to 56% of men who are still working. This shows that the majority of women believe they will have to work longer to achieve the retirement that they want.
Women are faced with a disproportionately bigger challenge in building a retirement pot and savings for later life. This is driven by a variety of factors including longer life expectancies, the gender pay gap and women taking career breaks to start a family.
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The current pandemic has affected women’s finances more negatively than men. Women are over represented in many sectors that have been forced to close and offer furlough schemes such as hospitality and retail industries. This means some women have had to dip into their savings pots earlier than anticipated.
At Four Wealth Management we encourage women to take a holistic view of their retirement finances and ensure that their assets are working as hard as possible.
Find out more about retirement planning
We offer a no-obligation financial review meeting to discuss retirement planning. The earlier you begin to plan for your future then the more options that will be available to you and the more likely it will be that you can retire when you choose.
Book a no-obligation meeting now
Equity Release Council, ‘Pension/Property Paradox’, Nov 2020
