Info for women

Women live longer than men. Currently, a 65 year old women can expect to live about three to four years longer than a 65 year old man. This longer life expectancy means women:

• are likely to have a longer retirement than men
• are likely to outlive their male partners
• are more likely to spend some of their retirement living alone.

As a group, women also earn less than men during their working life and tend to be younger than their partners.

These differences have important implications for women, regardless of whether they are single or in a relationship. Because women live longer than men, their need for retirement savings may be greater - particularly if they want to maintain a certain standard of living. However, their lower earning power may mean they have less saved.

Women's longer life expectancy must be taken into account when couples are making decisions about investing or spending their retirement savings. If they make plans based on the man's life expectancy, his surviving female partner may not be left with enough to be comfortable.

Women must take an active role in this planning, firstly because they need to make sure their interests are being looked after, and secondly because of the high likelihood they'll spend at least some years on their own. Forty percent of women aged 65 to 74 are on their own. The proportion increases with age - of the 74-84 age group, 60% are living alone.

Women need to know what money they'll have, where it is, and how to manage it when they're alone. This is particularly important if they have an older partner, as is often the case.

If a woman's husband or partner dies and she does not inherit all his assets, she can challenge the will. She can apply for a division of relationship property under the Property (Relationships) Act. This must be done within six months of the granting of probate.