When I retire I want to...

Last weekend I was on BBC Breakfast, talking about state pensions and - in particular - about women who won't have built up an entitlement to a state pension, even though they may have had one or more jobs. I've also written about this on SavvyWoman http://www.savvywoman.co.uk/c7-pages/c7s0.php?art_id=108. There's a lot of research that shows we're not saving enough for our retirement and women generally retire on far less than men. The state pension isn't a lot of money (approx £95 a week for a single pensioner), but for many people, especially women, it's the bedrock of their retirement income.

A new report by Scottish Widows shows that only 47% of women are saving enough for their retirement, compared to almost 60% of men. Well, you might expect a pensions company to say that we should all be saving more. But the fact is, retirement could last for 20 years or more, and unless you plan on working into your 70s or 80s, the money will have to come from somewhere.

I find it frustrating that the state pension system is so complicated that - even after a major shake-up next April - only 75% of women will qualify for a full basic state pension. That means one in every four women will lose out. The complex benefits system means that for some people who can't save much, it's actually not worth taking out a private pension; but who knows whether the same benefits will be there when they retire?

Add into the mix the fact that the pensions industry hasn't had a great track record of putting customers first, which means few people trust pensions providers. On top of that, women tend to be more wary than men of locking their money away for a long time; something you have to do when you take out a pension. It all means that women, who currently retire on less than men, are likely to do so for some years to come.

I don't know what your retirement plans are and - for you - retirement may be a long way off. But whatever you see yourself doing once you retire, you'll have to find a way of paying for it. I'm not about the bang the drum for pensions companies, but I do believe that we all have to think about what we'll live on when we stop working. As many women are discovering as they approach retirement, you really can't assume that you'll be looked after financially once your working life is over.