A Quarter of women over 55 have no private pension
According to research from Sun Life, one in four female homeowners aged over 55 have no private pension.
In a survey of more than 1,000 homeowners over the age of 55, 6% of men said they had no private pension, while for women the figure rose to 24%.
At this stage of their lives 22% of the women surveyed said they were worse off than they had expected to be. 14% of men had the same feeling.
Rising living costs were blamed for this feeling of being worse off than expected, coupled with low interest rates limiting the benefits of any savings.
The survey has prompted increased fears amongst experts that large sections of our ageing population will be unable to fund their retirement.
‘Whilst there will be many women who do not have a private pension but will benefit from that of their partners, there will be some women over 55 who simply do not have sufficient means to fund their retirement.’ said Simon Stanney, equity release director at SunLife.
With a rising life expectancy, this is going to be a growing problem, that auto enrolment is unlikely to solve.
If you’re concerned about funding your retirement, it’s important to explore and identify options as quickly as possible. Please get in touch if you’d like to discuss the options available.