Georgina Smith is managing director of Stonehaven
Organisation and future planning are normally attributed to women but it’s not necessarily the case when it comes to pensions.
The number of women saving sufficiently for their retirement is lagging well behind men and the figures are alarming.
Some 42% of women have no pension at all compared to just 26% of men.
Add in the fact that women are outliving men by around four years and it’s not long before serious financial worries will appear on the horizon.
Among women over 75 who live in private households, 60% live alone compared to 36% of men of the same age.
This places a considerable drain on personal finances. Even more worrying is when an individual needs paid-for care, it is women who will need it most – simply because of their long life expectancy.
Women with little or no pension may have to work long into old age or face a financially difficult retirement unless they start making sensible and firm financial plans. It is not easy at times and a close analysis can provide a harsh reality for some.
But there are alternative options to consider – a lifetime mortgage being just one of them.
For many women, the thought of giving up the family home is a painful one and yet their property may be their only sizable asset.
A lifetime mortgage may offer a sensible solution.
It allows customers to stay in their home while also releasing some of its value, enabling them to live a more financially secure and happier retirement.
With so many flexible and innovative lifetime mortgage products on the market, you can find a product which suits your customer’s individual needs.
They can release the money as a tax-free lump sum which they can use as they please, and they have the option to either make interest payments on the loan or to let the interest roll-up.
Making this a family affair and getting a second opinion from a loved one can provide comfort and clarity to your customer, and looking at all of the options available can make them feel more prepared for retirement.