Retirement planning tips for women

Aug 22, 2023

While saving for a comfortable retirement isn’t gender-specific, there are unique considerations for women when planning for their future.

On average, life expectancy for women is higher than men’s, so this is yet another reason why it’s so important for proper retirement planning.

If you’re wondering how to draw up a good retirement strategy, this guide should help.


Voluntary National Insurance contributions

Many people have gaps in their employment records. Maybe you took time off to travel or left the workforce for health reasons — or perhaps you put your career on pause so you could focus on raising your family.

If this is the case, there may be times when your National Insurance contributions (NICs) become a bit sporadic. This unfortunately does affect your state pension.

But don’t panic: you may be able to make voluntary payments to bridge these gaps and increase your state pension entitlement.


Keep updating your plan

Life doesn’t always go to plan – that’s just a fact. To help you keep on track for retirement, you should constantly review your strategy, whether that means working for an extra year or two or perhaps cutting back on certain expenses.

If you’re nearing retirement age and don’t think you have enough saved, you could always opt for part-time work or ‘semi-retirement’ to boost your income and give you a better work-life balance.

Thinking so far ahead can be overwhelming, but our pension planning services is here to take the stress out of your retirement strategy.


Consider investing

Beyond pension planning, you could also boost your retirement income by investing.

There are many different ways to build up your investment portfolio. Many people choose to invest in buy-to-let properties to give themselves some passive income during retirement. Depending on your appetite for risk, you may prefer to invest in stocks or mutual funds.

Whatever you have in mind, we’d recommend speaking with an advisor before making any big decisions. A financial expert will be able to help you identify opportunities that could give you a good return on your investment.


Make the most of your allowances

During your working life, you’ll be entitled to a number of Government allowances. One example is marriage allowance, which allows you to transfer £1,260 of your personal allowance to a spouse or civil partner. 

You can benefit from marriage allowance if all of the following apply:

  • you’re married or in a civil partnership
  • you do not pay income tax or your income is below your personal allowance
  • your partner pays income tax at the basic rate, which usually means their income is between £12,571 and £50,270 before they receive marriage allowance.

Any money you save on your taxes through the marriage allowance can go straight into your retirement pot, so it’s worth keeping in mind.


We’re here to help

At Bulley Davey, we understand the financial challenges many women face, especially the need to save for a comfortable retirement.

We offer specialised advice for retirement planning tailored to your unique circumstances. If you think you could benefit from our services, get in touch.

Other posts you might like

Never miss anything new

Stay enlighted by subscribing to our fortnightly newsletter

By submitting your details you agree to receive email marketing from Bulley Davey WM and have read and understood our Privacy Notice. You can withdraw your consent or change your preferences at any time by emailing us or by clicking the link at the bottom of every email we send you.