Women are more likely to have a lower income compared to men post retirement, with disparities from the beginning of their careers
In January 2024, Lisa Johnson had the shock of her life. The 50-year-old, from south Manchester, received a pension summary from heris really poor, I don’t have much in it at all. When I got my first job after university, it was a low wage but full time position so I barely made contributions.
On average, a single male pensioner’s income is £27 a week higher than a single female pensioner. This amounts to a £1,400 income difference annually, according to official figures from theWomen are also more reliant on benefit income post-retirement, including the state pension. This made up 62 per cent of total income for single women, compared to just 47 per cent for men.
Furthermore, just a quarter of women carried on paying into their pension at the same rate during parental leave, compared to 70 per cent of men, according to AJ Bell. For her, its “her children’s finances first” and then hers. However, Lisa is worried about retirement given that her current pension pot is “very much low.”
By the time a woman reaches the age of 40, this gap can double, with it going up to 51 per cent by the time women are in their fifties, according to research from. When they finally reach retirement age, pension savings could be up to 55 per cent smaller on average, compared to men.
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