• 53% of women aged 40 - 59 will rely on their partner for financial support in retirement
• 45% don’t have a retirement action plan
• Women have half the pension savings of males* and receive lower State pension than them
• Women disadvantaged by disrupted work patterns, low pay and gender pay gap
“The sandwich generation are generally pessimistic about their ability to retire with a comfortable lifestyle, with only 19% feeling very or extremely confident. Reflecting this lack of confidence, 53% of women rely on their spouse or partner to provide financial support in retirement, and 34% of men share this view.“
Top 5 pension tips
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If you’re over 50, ask for a New State Pension statement and find out when it’s payable. Ring 0345 3000 168 or go online to the Gov.UK website
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You need 35 years of national insurance contributions to get the full State pension of £155.65 a week (2016/17). You may have breaks in your National Insurance record. Ask HMRC for a record and think about paying voluntary National Insurance Contributions before your State Pension Age to top up your State pension.
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If you are automatically enrolled into your employer’s pension scheme you will benefit from tax relief on your own contributions and your employers contribution, helping you to build up pension savings faster.
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You may have pension savings with different employers or taken out a personal pension. Keep track of all your pension savings and stay in touch with your pension provider. A good way of keeping track of your pension plans is to transfer them and keep them together under one roof.
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If you’re currently not earning you can still pay in a pension contribution of up to £2,880 a year and get a 20% top up from the government giving you an annual maximum of £3,600.
Think about using a financial adviser to help you put together a retirement plan.
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