Most women typically live longer than men, yet many do little to prepare themselves for the prospect of the years they will spend in retirement.  Studies show that only about 35% of women are currently saving towards pensions of their own and most tend to spend their money on their children instead. Saving for a pension is essential to maintain an accustomed lifestyle into retirement.  Here we offer a few ways by which women can increase their retirement funds.

Look to your employer. All employers that have five or more employees are required by law to offer pensions and women would do well to look into them as a first option with regard to saving for their retirement. Bear in mind that not all employers make their own contributions into employee’s pensions, so you will want to find out if they do before you sign up.

Rely on your own pensions. If your place of employment does not offer a pension scheme or if you are self-employed or unemployed you can opt for personal pensions, with many banks like Legal and General offering private stakeholder pension schemes.  In any case, signing up when you are 50 years old or younger will likely result in tax breaks that you can apply to your pension.

Educate yourself. Whatever type of pension you go for, it is important to learn as much as you can about the packages that are on offer, in order to determine the best scheme for your specific needs.