Four in 10 affluent women unsure about retirement income, data finds
More than a third (35%) of women did not believe their retirement income would allow them to live well, compared with 22% of men.
Almost four in 10 affluent women approaching retirement are unsure how to turn their pensions and investments into a regular income, data from Rathbones found.
38% of women were unsure how to generate a regular retirement income, compared with 19% of men.
More than a third (35%) of women did not believe their retirement income would allow them to live well, compared with 22% of men.
Almost half of respondents had not received formal financial advice about retirement.
Camilla Stowell, CEO of wealth at Rathbones, said: “The mental shift from spending years building a retirement nest egg to drawing on that wealth to generate a sustainable income that could last 20, 30 or even 40 years can feel like a leap of faith.
“Individuals are increasingly responsible for making complex decisions around pension drawdown, investment risk, tax planning and longevity, increasingly without the certainty previous generations enjoyed from defined benefit pension schemes, which guaranteed an income.
“Our research suggests women are finding this transition particularly challenging.”
Stowell added: “In our conversations with clients, we regularly hear concerns about making the wrong decisions, withdrawing too much too soon, or being overly cautious and depriving themselves of experiences they can comfortably afford.
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