Financial challenges for women in retirement

5th June 2023

As we approach our retirement, many may feel overwhelmed by this new stage in their lives when the boundaries of responsibility and finances shift in a way not yet previously experience. Faced with endless days ‘free’ from the strict routine of the workplace, and with the conceived liberty to make choices as if you were a carefree child again, the prospect of how to finance your Golden Years may bring a sense of anxiety to many facing retirement, and more profoundly it seems to women.

Factors affecting women’s finances

Due to numerous social and economic factors, many women may find themselves with insufficient funds to enjoy the retirement they desire. Numerous factors may contribute to this predicament including gender pay gaps, divorce and family responsibilities. However, the outlook need not be as bleak as it may appear as there are financial options available to women including the increasingly popular possibility of equity release if women find the right advice available to them.

Why is there such a gender retirement gap?

There is a real concern about the retirement gap between men and women. Many women spend a lifetime earning less money than men even when employed in the same profession and many may also have experienced significant career breaks due to family responsibilities. Women often have to take on part time jobs to accommodate child-care demands, which limits their earning potential and ability to save for retirement. The bottom line is that often means women simply haven’t had the opportunity to earn, and therefore save towards their pension, as much as their gender counterpart

Divorce: a financial challenge for women

Divorce is also a significant factor in this disparity. When in a relationship, many women may rely on their partner’s income to finance their shared life together and the idea of being financially independent may not have occurred to them. However, after divorce, some women may be left with a new financial situation they had not prepared for. Divorce may result in some women receiving a reduced share of the previously combined pension or retirement savings along with new financial responsibilities they must face alone. Some may be left without the family home or be forced to buy their ex-partner out of the previously shared property. With mortgage payments and household expenses now in a different category than before, some divorcees may have to face financial austerity even before they retire, hence thoughts towards their financial future seem to drift further away.

Widowhood and longevity

Widowhood cannot be ignored here either nor the fact that a women’s longevity may indeed leave her at a financial disadvantage; in both cases, the need for financial independence and some professional support to manage their finances effectively is paramount.

Planning for financial stability and peace of mind

When faced with the unique challenges of women in retirement, equity release may offer a practical solution to bridge the financial disparity with men and help our female clients enjoy the retirement they deserve to enjoy. As an equity release specialist, I have helped numerous women facing retirement to explore all the options available to them and make informed choices based on their needs and desires. If I believe that equity release is the best option for them, I fully explain the benefits and challenges of accessing the wealth in their property to supplement their retirement income, cover their expenses and enjoy the quality of life they deserve. By allowing women to make the choice, it empowers them to have greater responsibility over their finances and their futures.

Equity release could offer a practical solution to women facing these financial challenges in retirement. It’s important that women empower themselves financially and start to explore and research all options available to them as early as possible in their financial planning. It’s about providing women with the information, advice and support to feel a greater sense of financial stability and peace of mind about the future ahead of them in their Golden Years.

If you are considering exploring the options that equity release could provide for you, please contact me, Kevin Woods, for a free consultation without commitment or obligation of any kind.

Tel: 01489 454545, or email:


Why not get in touch and see how we can help?

Equity release could be the answer to some of your financial questions. If you would like to know more about it, and see if it could be the right option for you, please book an appointment or request a call-back

Providers include

Pure Retirement

Equity release will reduce the value of your estate and may also affect your entitlement to means-tested benefits. You should always think carefully before securing a loan against your home.

Unless you decide to go ahead with a plan, our service is completely free of charge, as our fixed advice fee of £1,695 is only payable on completion of a plan.

A lifetime mortgage is the most popular form of equity release, and is a loan secured against your home that’s typically repaid when you pass away or go into long-term care.