Millions of Women Face Retirement Without Savings, Experts Offer Solutions

A significant demographic of women, particularly those in their mid-to-late 50s and 60s, are facing retirement without any dedicated savings. This trend, affecting millions, highlights a critical financial vulnerability as individuals approach retirement age. Sandra Garlick, 65, is one such individual who, despite a career with good jobs and even owning her own business, has accumulated no personal retirement savings due to a series of life events and decisions.

Despite her lack of savings, Garlick is approaching her financial future with a positive outlook. She continues to work and is involved in supporting other female entrepreneurs, with plans to remain employed for another decade. She also owns her home outright and intends to downsize at some point to access capital.

Financial advisors suggest that individuals in similar situations can still take steps to build a retirement fund. For those who have not saved, prioritizing contributions to a pension is a primary recommendation. This includes exploring options for tax relief, which can significantly boost savings. For instance, paying £1,000 a month into a pension could benefit from a 20% tax relief, adding an extra £250 for every £1,000 contributed.

Experts also advise leveraging any available assets, such as property, to supplement retirement income. Strategies might include downsizing homes, equity release schemes, or other methods to convert assets into accessible funds. Additionally, individuals are encouraged to review their eligibility for state pensions and any other retirement benefits they may be entitled to.