Women & Retirement: 5 Things To Know


Everyone needs a retirement plan because after retirement, many people shift from wealth accumulation to wealth spending. When you picture retirement, are you sipping cocktails on a beach? Watching your grandchildren? Traveling or taking a cruise?

After you stop working, you don\’t want to waste your time worrying about day to day expenditures or how to stretch a dollar. You want to relax, unwind, and enjoy these \”sunset years.\” A retirement plan helps you reduce the uncertainty and plan for the future.

But retirement for women looks a little different from men.

5 Things To Know about Women & Retirement:

  1. The Coronavirus Aftermath: American Progress presented data that showed \”women, particularly women of color, have borne the brunt of job losses and caregiving challenges during the coronavirus pandemic\”. In fact, data showed that women lost nearly 1 million more jobs than men. 1 That means these women lost the retirement contributions they and their employers would have made. If you\’re one of those women and you\’re looking for a way to minimize that deficit, building a diverse investment plan could help you get back on track. Let\’s talk!
  2. Choose The Right Certified Financial Planning: When choosing a financial planner, you need one that understands your wants, needs, goals, and what will work best for YOU. Having a financial professional is important but if your spouse passes away and you don\’t feel a strong connection with your existing CFP, it\’s okay to find a new one. At Haven Financial Planning, we are a judgement free zone where we completely customize a financial plan to fit you and your family. We address all your money challenges, concerns, and frustrations, and work together on how to help you work towards your specific personal and financial dreams, wishes, and goals.
  3. Be Smart When It Comes To Risk: It\’s been said that most women lack confidence when it comes to investing, but women tend to be more proactive when it comes to learning about the mechanics of investing and taking an active role in investment decisions. Fidelity Investments reported that \”77% of women believe that if they had a financial advisor to help them invest, they’d be more confident about their financial future\” while \”71% said once they had set up a financial plan, they felt more confident\”2. If you have not started investing because of you\’re afraid of the risk, know that you aren\’t alone and there are options for everyone. The amount of risk you\’re able to take on varies based on age, income, needs, wants, and other factors. A woman in her 20s could have a high risk tolerance while a woman in her 60s preparing to retire could have a low risk tolerance. It all depends on your specific situation. It\’s never too late to start investing. Schedule a 15-minute introductory call today to learn more.
  4. Think Longterm: Women live longer than men by 5 years. That means an additional 5 years worth of healthcare costs, taxes, living expenses, day-to-day expenses, and more. Having a retirement plan that accounts for this additional time is essential so that you don\’t run out money.
  5. Prioritize Yourself: As a mother or spouse, women tend to put the needs of others above their own. Women are caregivers. They put endless time and effort into giving their children the best opportunities in life. Don\’t let your love for your children shortchange your future. It\’s not uncommon for parents to dip into their retirement savings to pay for their children\’s college education but that money is your financial well-being. Fortunately, there are plenty of finance options available for college, from loans to grants to scholarships. Plus, it\’s a great way for your children to learn the importance of credit as they prepare for home buying, car buying, and more.

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  1. When Women Lose All the Jobs: Essential Actions for a Gender-Equitable Recovery. Center for American Progress, November 09, 2021, https://www.americanprogress.org/article/women-lose-jobs-essential-actions-gender-equitable-recovery/.
  2. Fidelity Investments, 2021 Women and Investing Study, 2021