Retirement Redefined: Retirement Planning for Women 40+ — Beat the Wage Gap

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.

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

And yes, while it’s true that some people may need to rely on the State Pension, that alone won’t be enough for most women to maintain a comfortable lifestyle. Currently, the full State Pension is £230.25 per week (as of July 2025), or just over £11,900 per year which may fall far short of the lifestyle you envision.

So, what will your retirement look like?

Important Information

This blog is for general information only and does not constitute personalised financial advice. Everyone’s circumstances are different and financial advice should always be tailored to your unique situation.

To receive regulated financial advice, please speak with an Independant Financial Adviser in your country of residence.

If you’re based in the UK, I’m authorised to provide Independent Financial advice through Throgmorton Private Capital Ltd. Feel free to get in touch with me below, I’d be happy to help!