REVEALED: How millions of women could risk POVERTY in retirement

MILLIONS of women risk poverty in retirement by not sorting out their pensions, says a study.

GETTYWomen could face poverty if they do not sort out their pensions says study

Women can expect to live longer than men but typically receive less generous pensions than their male colleagues.
This is not simply because they may earn less and so do not save as much, but because they do not check or transfer their pensions.
More than a quarter of women questioned said they do not know how much their pot is worth or how much they will receive. 

In comparison only 15 per cent of men in the survey of 510 savers did not know how much they will get.
Women are also less focused on the financial performance of their investments, despite an average retirement income of £18,334 – £5,000 less than men.
Maike Currie, of Fidelity International, which did the research, said: “There are a number of factors which make these findings a bitter pill to swallow. 

GETTYWomen on average live longer than men and therefore pensions usually last longer

“As a start, it is a well-established fact that women, on average, are expected to live for longer than men. 

There are a number of factors which make these findings a bitter pill to swallow

Maike Currie

“Logic then dictates that we should have more retirement savings because we will need an income for longer.
“An increasing number of women are now single and/or divorced in later life and cannot, even if they chose to, rely on a partner for an income in retirement. 

Digsby 

GETTYIt was also revealed that women earn up to £5,000 less on their pensions than men do

“In the UK it is expected that almost half (42 per cent) of marriages will end in divorce with the average age at divorce 45 for men and 42 for women.
“The basis of good pension planning starts with knowing how much to expect in retirement and it is vitally important that women, whatever their age engage with this, rather than burying their heads in the sand.”

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