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Women should save more into their pensions to help provide financial independence and security in their retirement years. Given that women tend to live longer than men, they need their retirement savings to last for a more extended period. By saving more, women can enjoy a comfortable and worry-free retirement, with sufficient funds to cover living expenses, healthcare, and any unforeseen costs that may arise over the years.
Moreover, women often embrace flexible working patterns, such as part-time jobs or career breaks for caregiving responsibilities. While these choices enrich personal and family life, they can result in lower lifetime pension contributions. By making a concerted effort to save more into their pensions during their working years, women can compensate for these periods of reduced income, ensuring that their retirement savings remain robust and able to support their long-term financial goals.
Additionally, saving more into pensions empowers women by providing them with greater financial control and confidence in their future. A well-funded pension allows women to make retirement choices based on their preferences and desires, whether that means traveling, pursuing hobbies, or enjoying leisure activities. This proactive approach to pension saving fosters a sense of empowerment and peace of mind, knowing that they are well-prepared for a fulfilling and financially secure retirement.
It is important to take professional advice from a financial planner who understands your own unique needs and circumstances. Using a professional can help you ‘live for now’ and ‘plan sensibly’ at the same time.
The value of an investment with St. James’s Place will be directly linked to the performance of the funds selected and the value may therefore fall as well as rise. You may get back less than you invested.
SJP approved 12/07/2024