What Women Should Know about Retirement Planning

October 17, 2023

By Angella N. O’Hara, ChFC®, FPQP™

Women face unique challenges when it comes to securing our financial future and retirement. We are more likely than men to take time away from work to care for children or aging relatives, which can have a big impact on our ability to save for retirement.

Women are almost always the caregivers. We care for our families, our households, our parents and grandparents – sometimes to the detriment of our own well-being. However, women must be intentional about taking care of themselves to make sure they are set up for success in retirement.

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

Start Saving Early and Save Consistently

Starting to save early means time works in your favor, letting compound interest do its magic. Small amounts 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. 

Have Regular Conversations About Finances with Your Partner

It’s important to ensure you’re listed as the beneficiary on your partner’s accounts. It’s crucial for your family to have an estate plan with the right beneficiaries. Also, collaborate with your partner on financial objectives to ensure you’re on the same page with spending and investments. 

After all, 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 Goals and Plan

It’s hard to plan for the unexpected, but it’s good to consider all scenarios. Life events, like emergencies or divorces, can shake up even the most solid financial strategies. Set up a safety net with an emergency fund and ensure you’re covered with the right health, disability, and long-term care insurance.

We all want to spend our retirement years knowing that we’re financially sound, and that’s achievable with the right planning. 

Contact our team at Davie Kaplan to set your retirement goals and find the best financial strategy to get there. 

Categories: Tax Planning