Broker Check
What Women Should Know about Retirement Planning

What Women Should Know about Retirement Planning

September 01, 2023

As you can tell from our previous blog posts, Retirement is a huge focus for us here at AWP. This month we want to specifically focus on helping our female clients prepare for their financial future.

Securing financial stability can be a unique challenge for women due to specific circumstances they face. Women tend to take on the role of caregiver more often than men, which can involve taking extended periods away from work to care for children or elderly relatives. This reality can have a significant impact on their ability to save for retirement. However, it is important for women to prioritize their own well-being and take intentional steps towards securing their financial future. By doing so, you can strive for success in your retirement years.

Here are a few things women can do to stay on the right financial track:

Start saving early and consistently. When you start saving early, time is on your side, so you can benefit from compound interest. Even small contributions make a difference. If you have an employer-sponsored retirement plan, enroll and contribute at least enough to receive any company matching funds that are available.

If you have a partner, have conversations about your finances. Make sure you are the beneficiary on your partner’s accounts. Make sure your family has an estate plan with the correct beneficiaries in place. Work together with your partner to set financial goals, so you can make sure you’re aligned on spending and investing strategies. The more you communicate, the more likely you will be prepared to become financially independent in the event of an emergency or unexpected life change.

Set detailed goals and make your plan a priority. It’s hard to plan for the unexpected, but it’s good to consider all scenarios. An emergency or divorce can unravel even financially stable plans. Create an emergency fund. Make sure you have appropriate insurance coverage for health, disability and long-term care. 

We all want to spend our retirement years knowing that we’re financially sound, and that’s achievable with the right planning. If you don’t have a financial advisor, or if you just want to talk to us, call us. We’ll help you set retirement goals and find the best financial strategy to get there.