Retirement Redefined: Retirement Planning for Women 40+ — Beat the Wage Gap
- Jul 7, 2025
- 3 min read
When we talk about the gender wage gap, we usually focus on the difference in pay between men and women during working life. But here’s something most people don’t talk about that same gap doesn’t just stop at retirement. In fact, it grows wider.
According to a report by the Pensions Policy Institute, the average pension wealth for a woman in her 60s in the UK is less than half that of a man in the same age group. That’s not just a gap, that’s a canyon.
Ladies, this is a big deal. And we need to start taking it seriously, not later, not when we hit 60, but right now.
Why Is There a Retirement Gap?
There are several reasons why women often end up with less in retirement:
Career breaks to raise children or care for others
Part-time work, which often offers reduced pension benefits
Lower lifetime earnings, due to the gender pay gap
Less confidence or engagement when it comes to investing and long-term financial planning
So even though we work incredibly hard whether that’s juggling family, a full-time career, or both, we are statistically more likely to retire on less money. That needs to change.
Retirement Should Be the Beginning — Not the End
Think about it: by the time many of us hit our 60s, our children may be grown and finding their own way in the world.
Retirement shouldn’t be a time of worry it should be a time of freedom. A time where we get to enjoy the life we’ve worked hard to build. And guess what? It’s not too late. If you're in your 40s or 50s, you still have time to build a retirement plan that supports the life you want to live.
According to the Office for National Statistics, the average life expectancy for women in the UK is currently around 83 years and rising. So retiring at 66 might leave you with 20 years (or more) of living to do. That’s two decades of potential travel, hobbies, relaxation, and maybe even starting a second career or business!
But none of that is possible without a solid financial foundation.
Let’s Get Real: What You Can Do Right Now
If this is the wake-up call you didn’t know you needed welcome. Now let’s take action.
✔️ Your Built-In Retirement-Ready Checklist
Use this simple checklist to take control of your future, starting today:
1. Gather All Your Pensions
List every pension you've ever paid into (workplace and personal)
Use the Pension Tracing Service if you’ve lost track of any
Note down providers, balances, and any fees
2. Review Performance & Charges
Are your pensions growing at a reasonable rate?
Are you paying excessive charges?
Are your funds still suitable for your age and retirement goals?
3. Check for “Lifestyling”
Some older pensions automatically switch into lower-risk (and often lower-growth) investments as you get closer to retirement
That may not be right for your plans if you're not buying an annuity
4. Consider Consolidation
If you’ve got pensions scattered across different providers, you may benefit from bringing them together
It could simplify your admin and even reduce charges (but seek advice before making any decisions)
5. Think About What Retirement Looks Like for You
Do you dream of travel? Volunteering? Starting a business? Looking after the grandkids?
Your lifestyle goals should influence your retirement planning, it’s not one-size-fits-all
It’s Not the End — It’s Your New Beginning
Retirement isn’t about winding down and disappearing. It’s about choosing how you want to live, how you want to spend your time, and how you can continue enjoying life on your terms.
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