Dynamic Planner’s Retirement Income Questionnaire has highlighted the need for financial planning firms to rethink their retirement strategies – in particular for female clients, says Steph Willcox, Head Actuary at Dynamic Planning.
Paraplanners play a crucial role in shaping retirement strategies for clients within the advice process, but we know that one solution does not fit all.
Late last year we released a Retirement Income Questionnaire, designed to help advisers and paraplanners understand their client’s preferences for retirement income and ensure an appropriate retirement strategy for each client. Today I can share with you some of our findings that might help you to rethink those retirement strategies – particularly ones designed for female clients.
Understanding gender differences in retirement preferences
The RIQ data, based on over 4,000 client responses collected between January and March 2025, reveals clear gender-based differences in retirement priorities. Female clients consistently show a stronger preference for certainty, consistency, and inflation protection in their retirement income.
The RIQ collects information on client’s preferences for income, with the analysis performed by scoring these results out of 5. In the analysis, a score of 5 indicates that the factor is of the highest importance, and 1 is the lowest. A statistically significant difference was seen in certainty, consistency and inflation when splitting the responses by gender.
• Certainty: Women scored higher than men in their desire for guaranteed income that covers necessary expenditure for life – even if it means missing out on higher returns. The average preference score for women was 3.50 vs 3.35 for men.
• Consistency: Female clients also rated consistency more highly (3.04 vs 2.86), indicating a preference for predictable income streams.
• Inflation Protection: Women expressed a greater need to safeguard their income against inflation, even at the cost of lower income today (3.19 vs 3.12).
These preferences reflect things we already know about women’s financial lifestyles. Women often face longer life expectancies, career breaks, and lower lifetime earnings, all of which make financial stability in retirement more critical.
Tailoring solutions
As we know, it’s vital that we understand our clients before making retirement strategy recommendations, but when it comes to female retirees we may want to think about the following in some more detail:
1. Prioritise Guaranteed Income Products
Solutions such as lifetime annuities or hybrid products that offer a base level of guaranteed income can align well with clients’ desire for certainty and consistency.
2. Incorporate Inflation-Proofing Mechanisms
Whether through index-linked annuities or investment strategies that hedge against inflation, it’s important to ensure that income retains its purchasing power over time.
3. Build Flexibility into the Plan
While certainty is key, flexibility shouldn’t be ignored. Women may still value the ability to take lump sums or adjust income levels, especially in response to changing health or family needs.
4. Address Legacy Concerns Thoughtfully
Although the RIQ data shows that men place more emphasis on leaving something behind, legacy planning remains relevant for many women—particularly those with dependents or caregiving responsibilities.
5. Support Decision-Making Confidence
Our data shows that only 52.8% of women felt ready to make a lasting decision about their retirement plan, compared to 58.4% of men. You may be able to bridge this gap by offering clear, empathetic guidance and using tools like cashflow modelling to visualise outcomes and support your recommendations.
Communication matters
It’s not just about the products, it’s also about how we communicate. Female clients may benefit from a more collaborative approach, where their values and concerns are actively explored. The RIQ is only a conversation starter, and although it can help uncover deeper preferences, conversations around retirement planning will help to generate buy-in to the solution and build trust in the advice process.
Personalisation
The RIQ data underscores the importance of personalised retirement planning. For female clients, this may mean prioritising stability, inflation protection, and certainty when it comes to retirement income more often than not. As paraplanners, you have the opportunity and responsibility to adapt retirement strategies to meet these needs, ensuring that every client enters retirement with confidence and clarity.
