Research from insurer SunLife shows a third of women in the UK over 50 are relying on the state pension alone and will fall short of the minimum standard of living deemed necessary for retirement
SunLife’s study showed that around 2.4 million men over 50 and 4.4 million women are relying on just the state pension to fund their retirement between British men and women widens, with women’s private pension pots also found to be worth 35 per cent less than those of their male colleagues.
A “minimum” standard of living would require an annual income of £12,800 – £2,000 more than the state pension – meaning 6.9 million over-50s are at risk of poverty when they stop working. The research additionally found that, of those over 50 who have only the state pension to fund their retirement, nine in 10 admit to being worried about money. More specifically, eight in 10 said they are concerned about the risingThe TUC general secretary, Paul Nowak, said: “Women taking on caring responsibilities are a key driver of the gender pensions gap and the
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