Retirement can look different today than it did for previous generations, and retirement planning for women often involves its own set of considerations.
Many retirees are living longer, pensions are less common than they once were, and Social Security often needs to be supplemented by personal savings, workplace retirement plans, and other income sources.
For women, this planning can be especially important. The Social Security Administration’s life expectancy tables show that a woman age 67 may live nearly 19 more years on average. Many women will live longer than the average, which means a retirement lasting 20, 30, or even 40 years is possible.
At True North Wealth Management, we help women and families prepare for retirement with strategies that reflect real life, not one-size-fits-all assumptions.
Start With Good Questions
A strong retirement plan begins with clear questions.
How much income will you need? How will you draw income from your savings? When should you claim Social Security? How might healthcare or long-term care affect your plan? What happens if you retire earlier than expected, lose a spouse, divorce, or step away from work to care for family?
These questions can feel overwhelming, but they are easier to address before retirement begins.
Work With a Financial Professional
The right financial professional can help you organize your retirement picture and identify potential gaps.
Women may face unique planning challenges, including time away from the workforce for childcare or eldercare, lower lifetime earnings, longer life expectancy, or the need to rebuild financially after divorce or widowhood.
A retirement strategy should account for those realities.
Invest With Longevity in Mind
As retirement approaches, protecting what you have saved may become more important. At the same time, a long retirement may require continued growth to help offset inflation, healthcare costs, and decades of withdrawals.
That balance matters.
A portfolio that is too aggressive may expose you to losses at the wrong time. A portfolio that is too conservative may not keep up with rising costs over a long retirement.
Your investment strategy should reflect your time horizon, income needs, risk tolerance, and overall financial goals.
Consider Long-Term Care Planning
Women often live longer than men and may be more likely to need care later in life.
Medicare does not generally cover extended custodial care, such as ongoing help with bathing, dressing, eating, or daily activities. Long-term care may take place at home, in assisted living, or in a nursing facility.
Planning ahead may help protect retirement savings and reduce pressure on family members. Depending on your situation, that planning may include long-term care insurance, hybrid insurance, personal savings, home equity, or Medicaid planning with qualified professionals.
Claim Social Security Carefully
Social Security can play an important role in retirement income.
If your health, income needs, and work situation allow, delaying Social Security may increase your monthly benefit. Delayed retirement credits may increase benefits for each year you wait beyond full retirement age, up to age 70.
For married, divorced, or widowed women, claiming decisions can become even more important because spousal, divorced-spouse, and survivor benefits may apply.
The right decision depends on your health, life expectancy, income needs, marital history, and other retirement resources.
Retire With a Strategy
A secure retirement does not happen by accident.
At True North Wealth Management, we help clients coordinate retirement income, investments, Social Security, taxes, insurance, estate planning, and long-term care considerations.
Women may face different retirement challenges, but those challenges can be addressed with thoughtful planning, clear communication, and a strategy designed to last.
Related Reading
- Women and Retirement Planning: Take Control of Your Financial Future
- Conquering Retirement Challenges for Women
- Helpful Retirement Strategies for Women
- Learn about our retirement planning services
Important Disclosures:
This material is for informational purposes only and is not intended as tax, legal, Social Security, insurance, healthcare, estate-planning, or individualized investment advice. Retirement income, investment strategy, Social Security claiming, healthcare costs, and long-term care planning vary by individual circumstances. True North Wealth Management does not provide tax or legal advice. Consult qualified tax, legal, insurance, healthcare, Social Security, and financial professionals regarding your situation.
The Social Security Administration’s period life table shows a 67-year-old woman has nearly 19 additional years of average life expectancy, based on 2023 mortality experience used in the 2026 Trustees Report. The SSA also provides a life expectancy calculator for estimating average remaining years based on age and sex.
1. SSA.gov, 2023
2. LongevityIllustrator.org, 2023. Life expectancy estimates assume average health, non-smoker, and a retirement age of 65.
3. Medicare.gov, 2023
4. SSA.gov, 2023
The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by FMG Suite and customized by True North Wealth Management LLC to provide information on a topic that may be of interest. FMG, LLC, is not affiliated with the named broker-dealer, state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security. Copyright FMG Suite.