On International Women’s Day – Women and Pensions: What you should know
On International Women’s Day it’s important for everyone to have a plan in place so that their standard of living doesn’t fall when they retire. While women generally live longer than men, they are less likely to have adequate income in retirement.
One of the reasons for this is because women often face challenges during their working lives not experienced by men. They may take temporary or permanent leave to mind children or to take care of loved ones. If you take time away from work, this can have a significant impact on your savings and ultimately on the type of lifestyle you will be able to afford in retirement.
5 Things to Consider …………….
- State Pension – Will you have enough contributions to qualify for the full State Pension (Contributory) when you retire?
- Existing Pension – If you have a pension from a previous employer do you know how much it is worth?
- Partners Pension -If you are married or have a civil partner do you know how much income their pension will provide in retirement?
- Returning to Work – If you are returning to work, will you be eligible to join your employer’s pension?
- Retiring – If you are approaching retirement, do you know how much income you pension is likely to provide you with in retirement?
A Financial Advisor can review where you are today, and work with you to develop a plan designed to meet your future needs and goals, whatever your career path to date.