Women are still facing retirement with less savings than men
It may surprise you to find that statistically, women are likely to save less for their retirement than men. So how can women ensure they’re doing the most for their life in retirement?
It may surprise you to find that statistically, women are likely to save less for their retirement than men. So how can women ensure they’re doing the most for their life in retirement?
The gender savings gap has become a hot topic, with conscious efforts being made to reduce the difference in pension savings between men and women.
There are a number of factors influencing this savings gap. Although the number of women in senior roles and executive positions has increased dramatically over the years, women still face systemic challenges to building their pension savings. Issues around gender pay gaps are still widespread, and women tend to take longer career breaks than men or work part-time, typically taking the greatest share of child or other caring responsibilities in families.
So how can women ensure they’re doing the most for their life in retirement?
It’s tricky saving for your future when the day-to-day expenses can build up and are a priority, but starting saving as soon as possible can make a real difference to a women’s future, ensuring they’re not left behind in retirement.
You can use the modeller tool in your Retirement Savings Account to work out how much you can afford to pay into your pension, and what you might get when you’re ready to retire.
This may seem like an obvious tip but paying into your TPT pension means you can take advantage of your employer contributions. Check how much your employer will pay too, and if you’re going on maternity leave, make sure to check how much your employer will pay while you’re off work. And don’t forget about the tax relief! When you pay into your TPT pension, the amount you pay in gets tax relief from the government.
Learn about the funds you’re investing in; consider how much risk you’re willing to take with your investments and think about what kind of outcome you want. If you’re not sure, TPT has a readymade investment option that’s been designed with most of our members in mind. If you are more confident, you might want to consider choosing from the Self-Select funds where you might find an option better suited to your needs.
You can find out more about investments here.
There’s a lot of information when it comes to pensions, which can be confusing or overwhelming. But there’s also a lot of resources out there to help you navigate through this.
To help make decisions when it comes to investing, or how to take your pension, you can get advice from a regulated financial adviser. It’s important to make sure they’re approved by the Financial Conduct Authority (FCA). Check out our tips on finding a financial adviser.
MoneyHelper, a government-backed service, is also a great source of information, which offers a range of free and impartial advice around money and pensions, but without all the complexities. It’s worth having a browse through the site and reading up on the pensions guidance readily available.