Men retiring this year can expect incomes that are a third greater than women

Oliver Gill
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Far from getting closer, the difference between men and women's retirement incomes is growing (Source: Getty)

The gender gap in retirement incomes has widened in 2016 despite women's incomes reaching record highs.

Average annual retirement income for men is £19,850 - a third higher than women's - according to research by insurance giant Prudential. The average retirement income of £14,450 for women has grown steadily since the survey began in 2008.

Although the gender income gap has almost halved in the last eight years, according to Kirsty Anderson of Prudential, current norms in family life undermine closing the gap completely.

“It is an unfortunate fact of life that many women will reach retirement having taken breaks during their working lives that will impact the level of state pension they will receive and the size of their pension pot," she said.

Year of planned retirement Expected annual retirement income (women) (£) Expected annual retirement income (men) (£)
2016 14,450 19,850
2015 14,300 19,100
2014 12,200 18,850
2013 11,750 18,250
2012 12,250 18,000
2011 12,850 19,400
2010 12,150 19,600
2009 13,650 20,300
2008 11,300 20,800

Read more: Most people get this wrong about how much we're paid

The research also indicated that sentiment among women retirees has dropped. Only 40 per cent of respondents said they had sufficient income to maintain a "comfortable life" compared to 44 per cent in 2015.

By contrast, 60 per cent of men say they have sufficient retirement funds to maintain such a existence through their retirement.

“We have also seen a fall in women’s confidence that they’ll be able to enjoy a comfortable retirement this year. For most people still in work, the best way to secure the highest possible quality of life in retirement is to save as much as possible into a pension as early as possible," said Anderson.