24 Oct 2019
According to an article in the Daily Mail, the average pension pot size of women in their 60’s is only a third of the size of men in the same age bracket.
Reasons for this crisis could be that women tend to give up work early on in their careers to go on maternity leave and raise children or care for family members. This results in no NI or private pension contributions during these early years of work, which could significantly harm their retirement income. Also, in the past women were earning less then men, which allowed for smaller retirement contributions.
More alarming stats are:
This shocking revelation suggests that young professional women need to relook at their retirement savings. They can no longer rely on partners to secure their retirement needs.
Possible solutions could be:
It is best to chat to a deVere Acuma adviser as soon as possible to discuss the various options for saving towards
your retirement. [email protected]
Starting a pension plan early in life allows for more contributions and compound interest to accumulate over time.
Please note, the above is for education purposes only and does not constitute advice. You should always contact your deVere Acuma adviser for a personal consultation.
* No liability can be accepted for any actions taken or refrained from being taken, as a result of reading the above.