Women urged to not put off retirement planning

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Women in the UK should not put off pension saving as a number of factors may be set to affect their efforts for a comfortable retirement, according to NFU Mutual.

The organisation has claimed that increasing life expectancy in Britain, along with changes to the state pension age, may affect women as they generally have lower savings for life after work compared to men.

Shelagh Hamer, the firm's pensions specialist, stated that the solution for women who have yet to consider retirement planning is simple.

"Women should take full advantage of the tax relief on offer to build up a decent pension to provide through what will hopefully be a long retirement," she explained.

"By starting to fund a pension early, you have a much better chance of building up a sizeable fund for your retirement. Also, regularly review your arrangements to make sure they are in tune with any changes in your career and lifestyle."

Lisanne Mealing, the director of advice firm MDM Associates, recently stated that women should consider using both pensions and Isas to put money aside for the long term.

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