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Women 50% less likely to afford early retirement than men, study reveals

Research conducted by retirement specialist Just Group finds men twice as likely to retire early than women due to superior pensions and savings.

Just Group, a specialist UK financial services organisation, has shared new figures relating to the retired, over-55 population.

The results show that nearly one in three men (32%) had the financial security to retire earlier than expected, compared to one in six (16%) women, while poor health was responsible for 37% of women leaving work early, compared to 29% of men.

Women were also three times as likely to have stopped work early to provide care (14%) than men (4%).

However, 17% of men said they had left work early due to losing a job and not being able to find another, which is significantly higher than the 12% of women.

Stephen Lowe, group communications director at Just Group, argues that the figures are a reminder that many people are not afforded the luxury of choosing their retirement date, particularly in times of economic turmoil.

He states that “Government figures show four times more women than men aged 65+ have left the workforce since the coronavirus lockdowns began last March” and “those forced out of work must make careful choices because they are less likely to have the strong financial foundation needed to last through retirement”.

Lowe concludes that “the coronavirus pandemic is likely to have encouraged some to delay retirement and others to bring it forward”.

“Whatever people do, it is important they avoid a knee-jerk reaction but take the time to consider their options and make an informed decision”.

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