NEARLY HALF OF WOMAN AGED 50-65 PLAN TO CONTINUE WORKING IN SOME CAPACITY AFTER REACHING THE STATE PENSION AGE

Years of gender-based earnings disparity have resulted in a significant pension savings gap between men and women, leaving many women in their 50s and 60s financially precarious. According to analysis, women are more than twice likely to rely on financial support from their partner [1].

One in three women feel somewhat unconfident or not at all confident about their retirement provision meeting their needs, compared to 28% of men. Additionally, nearly half of woman aged between 50 to 65 plan to continue working in some capacity after reaching state pension age. Of this group, 13% plan to work the same hours, while 31% plan to work fewer.

FINANCIAL SECURITY

The analysis is based on qualitative data from the Office for National Statistics. It shows that 34% of women I this age group have changed their retirement plans in the two years before September 2022 and expect to stay in paid work for longer.

The study also highlights the stark contrast in future financial security between men and women. While the state pension is the most common means of funding retirement for both genders, significantly fewer woman plan to rely on a private pension than men.

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[1] Analysis by Rest Less, data reviewed from ONS, which was issued in September 2022 entitled: Over-50s Lifestyle Study Wave 2, Great Britian: 10 to 29 August 2022 – Reasons workers aged 50 years and over left and returned to work during the coronavirus (COVID-19) pandemic, Great Britian, Wave 2.

A pension is a long-term investment not normally accessible until age 55 (57 from April 2028 unless plan has a protected pension age).

The value of your investments (and any income from them) can go down as well as up, which would have an impact on the level of pension benefits available.

Your pension income could also be affected by the interest rates at the time your take your benefits.