Essential pension tips for women from the experts

With more women in the Irish workforce than ever before, there's never been a better time to take charge of our financial futures.

But the truth is many of us lag behind in planning for retirement, which affects not only our finances but also our peace of mind.

Recent research by Standard Life reveals that more than half (55%) of women do not have a pension (private personal or company scheme) of their own. On top of that, 2 in 5 (44%) women feel uncomfortable talking about money with friends or family.

These figures highlight the need for women to focus on pensions and long-term financial planning. If you're unsure where to start, here are some tips from Standard Life to help you.

1. Recognise the differences in women's career paths:

Women's careers are often non-linear, marked by breaks or shifts due to family responsibilities, particularly during prime years for retirement savings. Additionally, women tend to live longer than men but may do so with smaller retirement funds. It’s essential to acknowledge these challenges and start open conversations about retirement planning with the women in your life. By recognizing these differences, we can begin taking action.

2. It’s never too late to start, but sooner is better:

Whether retirement is years away or just around the corner, it’s never too late to start planning. Instead of dwelling on missed opportunities, seize the moment and take steps toward securing your financial future today. Contact a financial adviser, review your pension, and map out a more comfortable retirement plan —your future self will be grateful.

3. Pensions are one of the most tax-efficient ways to save:

While women tend to save regularly, many who save into a pension are not confident they’re maximizing their contributions. Failing to take full advantage of tax relief means potentially missing out on significant benefits. For instance, depending on your tax bracket, every €100 you contribute to your pension could cost you as little as €60 or €80. Understanding these advantages can help make your pension work harder for you.

4. Don’t underestimate the value of professional advice:

We often seek out the best doctors, mechanics, or hairstylists, so why not do the same for your financial future? A good financial adviser can make all the difference, helping you navigate the complexities of retirement planning with ease. The right adviser will break down the jargon and act as your coach, teacher, and cheerleader, making sure you’re on track for the long haul.

The Ultimate Guide for Women and Pensions podcast by Standard Life is a great resource. Hosted by Sonya Lennon, it’s informative, motivational, and packed with practical advice. Across four engaging episodes, the podcast shares personal experiences, essential information, and actionable tips on pension planning. Whether you're just getting started, have been putting it off, or are well on your way, you'll find valuable insights. It might even inspire you to start conversations with friends, family, or your book club about retirement planning. The podcast is available now on major platforms like Spotify and Apple Podcasts.