Women face unique retirement challenges compared to men. For instance, even though women today are better educated and have more career opportunities than ever before, they still consistently earn less than men, which makes saving for retirement a bigger mountain to climb for many women.
It’s also widely known that women are more likely to live longer than men, which means their retirement plans must include saving enough money to last for more years—perhaps even decades—in retirement (which also means higher healthcare costs). Factoring in the difficulty of having to fund more years in retirement along with wage inequality, it’s no surprise that retirement planning for women requires a personalized financial approach.
Despite these obstacles and fears, women can still achieve the stable, fulfilling retirement they’re looking for. Let’s look at the top three goals our female clients have for retirement and recommendations for how to achieve them.
1. Financial Security
Because of the specific difficulties women face in saving enough for retirement, we understand that most women’s priority for their golden years is to feel secure about their finances. After working hard for decades, you want to know that your retirement savings aren't going to run out in your lifetime.
Accordingly, we help women strategize the best ways to save more for retirement as well as investment allocations to generate long-term income. A comprehensive retirement plan that accounts for a variety of possibilities (such as the need for long-term care or increased medical expenses) can help you sleep easier knowing your financial needs will be taken care of.
2. A Trusted Financial Advocate
Because many women must prepare to spend at least some of their retirement alone, we understand that it’s important to develop a relationship with a trusted financial advocate. A financial advocate will be there to help evaluate the best options to reach your financial goals and navigate new scenarios as you experience life’s changes.
Although you may feel overwhelmed or concerned about your long-term security, we believe that women can still achieve the retirement they envision with the right knowledge and strategies. A trusted financial advocate may be the missing piece you need to help you get there. With the right financial partner, you’ll know you have someone you can go to with all your financial questions down the road—no matter how big or small.
3. A Strong Community
Of course, retirement isn’t just about having enough money in the bank to quit work. It’s a time to relax, learn more about yourself, and begin a new chapter in life (a chapter that could last 20-30 years). But many women fear loneliness and aimlessness in retirement. Once retired, it can be difficult to replace the connections that came easily during your working years.
Retirement can be a difficult transition for even the most independent of women. The good news is, surveys tell us that the majority of women dream of an active retirement, which provides ample opportunities to develop strong connections with others. Whether you plan to travel the world, spend more time with family and friends, pursue hobbies, or volunteer in your community, there are plenty of ways to surround yourself with like-minded people no matter your budget.
To get the most out of your golden years, we recommend making connections either through social media groups or community groups so you have people to call on when times get tough. With a strong community, you can ensure your retirement years are some of the best and most vibrant years of your life.
We’re Here to Help
Retirement planning requires diligent care and an individualized approach, especially for women. At 1on1 Financial, we specialize in guiding working and retired professionals, executives, and business owners along the path to financial well-being. We help our clients accumulate wealth, generate income, preserve their life savings, and strategically plan for the distribution of their estate. If you’d like to learn more, call our office today at 909-981-1720 or simply click here to schedule a free 15-minute introductory phone call!
Philip A. Board MSFS, CFS®, is a retirement planning specialist and the founder of 1on1 Financial, an independent comprehensive investment firm serving individuals and businesses throughout the United States. He is also the owner and CEO of Medi-cal Benefits. You can register for his recent webinar on “What We Do & How We Help” here.