Gerard Devlin, of Donegall Road, and Nathan Finn, of Malone Road, were each given a three-year sentence for taking more than £5,700 from the woman.
Their 80-year-old victim was left "deeply traumatised" by the theft at the Kennedy Centre in Belfast last year, the court heard.
The men will serve 18 months in prison with the remaining period on licence.
The court heard that the pensioner had withdrawn her life savings on 31 October 2014, the day of the theft, and had planned to use the money for home improvements.
She then visited a coffee shop in the shopping centre.
As she was queuing, Finn, 22, distracted her.
Devlin, 25, reached into her handbag and stole a plastic bag containing £5,709 in cash.
The money was never recovered, the court was told, and while the two men admitted the theft they have not said what happened to the money.
The judge said there was "no doubt" the men they had "deliberately targeted" the woman.
She added that the woman has "suffered a great deal" as a result of the theft.
Finn committed the offence within days of being released on licence for a previous matter, the court heard.
The judge said Devlin had written a letter to the woman earlier this year, but she questioned whether the remorse the two men had expressed since the offence was genuine.
Two Belfast men who stole a pensioner's life savings have been jailed for their "despicable" behaviour".