New research reveals that many women over 50 are heading toward retirement with significantly less savings than they need, often due to career breaks, childcare responsibilities, and years of part-time work. Beaumont Wealth, an award-winning independent financial planning firm, is urging and encouraging women in this age group to review their pensions now and take steps to secure their financial future.
The Pensions Policy Institute (PPI) reports that women in their late 50s usually have less than two-thirds of the pension wealth of men of the same age. This is mainly because women are more likely to take career breaks for motherhood or to spend years working part-time. These factors result in lower pension contributions and fewer years qualifying for the State Pension. Although employed women often have higher pension participation rates than men in their 30s and early 40s, this unfortunately does little to close the pension gap.
The Motherhood Pension Penalty
When women take time off work to raise children, it can lead to gaps in their pension contributions. These gaps may lower their retirement savings and reduce the number of years they receive National Insurance credits. Beaumont Wealth advises women to check if they have any missing National Insurance credits, as these may help increase their State Pension entitlement.
As women approach 50, earlier financial challenges, such as lower pay and fewer years of full-time work, become more noticeable. These issues can cause many women to worry about their retirement plans.
"More women over 50 are telling us they’re worried their pensions might not be enough for the retirement they want. The good news is there’s still time to make a difference. With the right advice, women over 50 can take meaningful steps to improve their retirement position,”saidMark Evans, Managing Director at Beaumont Wealth
Practical Guidance for Women Assessing Their Pensions
Beaumont Wealth recommends that women in their 50s review and understand their pension plans. As a starting point, here are some practical actions to take:
- Consolidate old workplace pensions to gain a clearer picture of total savings.
- Try to increase pension contributions during the remaining earning years.
- Review investment choices based on their retirement timeline.
- Make use of personal allowances and carry-forward rules.
Speak with a Pension Adviser
Women who are unsure about their pension savings or who have gaps in their pension savings due to years spent caring for children should consider speaking with a pension adviser. Many advisers offer a free initial consultation, helping them determine if the adviser is the right fit.
Beaumont Wealth says a professional financial review can help women over 50 fully understand their current financial position, identify missed opportunities, and build a retirement plan to meet their needs. Taking action now can make a big difference in helping them create a financially secure retirement.
About Beaumont Wealth
Founded over two decades ago, Beaumont Wealth is an independent financial planning firm. They specialise in retirement planning, investment management, and Inheritance Tax planning, working with individuals, families, and businesses across Shropshire, Cheshire, and North Wales. Recognised as one of the UK’s leading boutique financial advisers, Beaumont Wealth was ranked 6th in the FT Adviser’s Top 50 Boutique Financial Advisers 2025.
To learn more, visit www.beaumontwealth.co.uk or contact 0330 1247860.
Disclaimer: This press release may contain forward-looking statements. Forward-looking statements describe future expectations, plans, results, or strategies (including product offerings, regulatory plans, and business plans) and may change without notice. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements.
Media Contact
Company Name: Beaumont Wealth
Contact Person: Mark Evans
Email: Send Email
Phone: 0330 1247860
Country: United Kingdom
Website: www.beaumontwealth.co.uk
