Research by Legal & General, in light of International Women's Day, highlights a concerning disparity in pension savings between genders. Women may exhaust their pension funds by age 73, facing a potential 14-year shortfall before their life expectancy of 87 years. In contrast, men could see their pensions run out by 83, leading to a two-year gap. The study emphasizes that women typically have lower savings and withdrawal amounts. Katharine Photiou warns that apparent financial freedom now may lead to future uncertainty, underlining the need for strategic planning for retirement funds.
The research indicates that women could exhaust their private pension savings by age 73, leaving a potential 14-year financial gap compared to their life expectancy.
Katharine Photiou cautions that financial freedom from pension withdrawals now might lead to uncertainty later, especially as women face higher risks of outliving their savings.
Women typically withdraw less than men from their pensions, receiving an average of 625 pounds per month compared to 875 pounds, yet they also save less at inception.
The study reveals a significant disparity in pension savings between genders, highlighting the need for improved financial literacy and better savings strategies for women.
Collection
[
|
...
]