Women’s health, wealth and retirement

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Women typically live longer than men and may have a smaller pension pot, they need to plan accordingly to make their money last. We as women have a lot of pressure on our shoulders, periods and hormones, carrying children, maternity leave, menopause, planning a secure retirement.
While longevity sounds like a blessing, we wouldn’t want to be unwell and struggling financially during our later-life years. But many women run the risk that this will be their future. Not because they’ve got the ‘right genes’ or live a super-healthy lifestyle: it’s simply because we were born a woman. A 40-year-old woman has a one in four chance of living to age 96, and a one in ten chance of living to 100.1 Better healthcare and positive lifestyle changes have helped to raise life expectancies across the board, but women still are likely to live longer than men. And with several studies finding that more men than women have died from COVID-19, the life expectancy gap could widen further from here.

Women not only need their pensions to last longer, they also generally have smaller pension pots to use during these extra years of life. We already know that women typically retire with one-fifth of the pension wealth of men. Because they tend to live longer, women are more likely to end up in single-person households later in life. This could add further to their financial pressures because it can be much more expensive to run a household of one, covering all bills alone.

Will you be healthy enough to work longer?

Having gone Menopausal at 38 I am sure this is what firstly led me to become as passionate as I am about Health, that and having had 2 weeks maternity leave. Adding to this, the State Pension age is rising, which means many people who will rely on this government payment will have to work longer before they can claim it. Plus, there’s no guarantee your health will support you working into your later years. Some women like me, may have taken their first job at 16. If you’re planning on working until your late 60s or early 70s, that’s a lot of years in the workforce – you might well be feeling burnt out or struggling with health issues. As early as your mid-40s or early 50s, you could be suffering from symptoms of the menopause, such as ‘brain fog’, which can make it tough for some women to continue working at the pace they once did. You may want to drop to part-time hours or get a job with less responsibility to take some of the pressure off, even if it just for a few years. But will you be able to afford it?

Same-sex couples face triple whammy

For women in same-sex relationships, they may think that their joint longevity will give them a long and happy retirement together. But in fact they could face a triple whammy of challenges: both partners might take a period of maternity leave that could impact their earning power and pension contributions, both may need to work longer, and both may suffer from health conditions over their long lives.

Luckily, there are things all women can do to increase your chances of a financially secure life, however long you live. If you do nothing else, have a think about what you want your future to look like. Arrange an informal chat and review of all your long-term savings plans, rounding up any small savings pots you may have forgotten about over time. Sit down and have a chat with an Independent Financial  Adviser to see how things are actually looking for your retirement years. Taking into account the money you’ve already saved, and your capacity to save over the coming years, we can plan for your future to look bright.

I am sure the thought crossed your mind about how much you will get and what your retirement will look like, don’t bury your head, schedule a free hours chat on my calendar. https://calendly.com/itsyourlifeaudrey/60min Check out our new website and contact me via the link. https://female.integrityasset.uk/