According to the Institute of Actuaries, women are more likely to be worse off in retirement than men are.
Reasons for this can include women being in lower paid jobs, saving less and therefore receiving lower pension benefits. Also, if women ran a home and brought up children, they could have relied on their husband's National Insurance contributions for State pensions, meaning no full State pension in their own right.
Looking to the future the Institute of Actuaries believe that tackling the issue of sex discrimination at work will help. By bringing in the same pay for the same job for men and women will help even out the creases that fall in the favour of men.
Our view:
Women need to help themselves when it comes to pensions. Everyone knows that women tend to outlive men meaning there is technically a need for more money too. Do not rely on the State to provide, as you will only receive a subsistence level of support.
By just saving £5 per week you can enhance your income in retirement.
Visit the women's section in Pensions Adviser.com. Did you know the State Pension Age for Women has changed?
Try our female state pension calculator to see when you will retire.
Free State Pension Forecast.