Women & Wealth

women baby boomers

A Woman's Financial Reality        

Planning for a comfortable and confident retirement is a daunting challenge for everyone, but even more so for women.  Despite the progress women have made in achieving higher levels of education and enjoying broad career opportunities, women continue to be at great risk of not achieving a financially secure retirement.  There may be several reasons for this: 

  • Many women are in and out of the workforce during their lives raising children and caring for aging parents, or choose to be fulltime homemakers.   
  • Time away from the workforce can diminish their competitive skills and erode their earning potential when they return. 
  • Many women work part-time and are less likely to have workplace retirement benefits. 
  • At work, women generally earn less than their male colleagues. 
  • Career women struggle to balance the demands of family life and their jobs, sometimes sacrificing promotions and pay raises, or choosing to support their spouses' career path over their own.
  • Women lives are busy due to the multiple roles they play, leaving them little time to plan for themselves.
  • Divorce, widowhood, or being a single parent can create on-going financial hardships with limited income sources and depleted assets.
  • Most married women are often younger than their spouses and typically choose to retire when their husbands retire, which reduces their potential lifetime income from Social Security and other retirement plans. 
  • Many women feel unsure in their knowledge about investing and financial planning.

Often the result is that women earn less lifetime income, save less, invest less, accrue smaller Social Security and pension benefits, and accumulate smaller 401(k) balances.  

As a result, women may be less prepared financially for retirement.  Yet, at the same time, women live longer than men, so their money has to last longer and pay for more years of expenses.  

  • In retirement, women are likely to spend more on health care because of their longer life expectancies, healthcare inflation, and of higher medical costs in older ages.  
  • Women are also likely to be caregivers for their husbands, which can be very stressful and take a physical and emotional toll.  Adult daughters often take on the role of caregivers for their aging parents and in-laws, adding to the pressures in their own work and personal lives.
  • Long-term care costs can be extraordinarily expensive and take a toll on family finances as well. Often assets, which were meant to generate retirement income, are spent down caring for their husbands, leaving women with fewer resources to support their own needs.  Adult children may step in to provide financial support, which could affect their own finances and retirement security.
  • Women are also potential recipients of care themselves in later years, often without the support of a spouse. 
  • Many women fear running out of money later in life and having to depend on their children for support.
  • Furthermore, if women are younger than their spouses and live longer, they likely to be on their own for many years, with only themselves or family to depend on financially.

Given these tough realities, planning for a fulfilling retirement can be a formidable challenge for women. 

The good news is that women can make great strides towards improving their retirement readiness and financial confidence by taking specific steps to gain control of their financial future. 

My goal is to help you retire with confidence about your financial future, so that you can focus on what you enjoy the most, rather than worry about your money. 

Take control of your financial future today and learn how you can maintain your financial independence throughout retirement. 


I provide a comlimentary consultation either by phone, Zoom conference, or in person.  Please click HERE to request your free consultation. 

You will also receive the practical guide from the Transamerica Center for Retirement Studies entitled 21 Facts About Women's Retirement Outlook...and 11 Steps to Improve It, which aims to educate and empower women to own their financial future.

 LPL Financial and Transamerica Center for Retirement Studies are not affiliated.