MIND THE PEN­SION GAP

Good Housekeeping (UK) - - Contents -

GH’S no-panic guide

Do you have big dreams for your post-work life? Then you’ll need a bank bal­ance to match. Wor­ry­ingly, the lat­est fig­ures show a widen­ing gap in pen­sion sav­ings be­tween men and women. But there are steps you can take to plug the hole and get a grip on your fu­ture fi­nances – what­ever your age

Your aim is to re­tire on about half of your work­ing in­come. Check your pen­sion pot once a year: add all your pen­sions to­gether and con­sider your state pen­sion fore­cast (gov.uk/state-pen­sion-state­ment) for a good sense of how much you’re likely to have when you re­tire.

To re­ceive a full state pen­sion un­der the new rules, you need to have 35 years of Na­tional In­sur­ance con­tri­bu­tions – but ca­reer breaks and part-time work mean many women don’t reach this. As well as av­er­ag­ing half the pen­sion sav­ings of men, women also end up with a smaller state pen­sion – 25% (£2,548) a year less than men.

Newspapers in English

Newspapers from UK

© PressReader. All rights reserved.