Book A Discovery Call

Helpful Retirement Strategies for Women

Retirement planning can look different for women.

Women often balance careers, family responsibilities, caregiving, household finances, and long-term planning all at once. Those responsibilities can affect income, retirement savings, Social Security benefits, career advancement, and confidence about the future.

Recent research from AARP and the National Alliance for Caregiving found that 3 in 5 family caregivers are women. Caregiving can create real financial strain, especially when it reduces work hours, interrupts a career, or limits retirement contributions. Transamerica’s 2025 retirement research also found that women report lower household retirement savings than men and are less likely to have a written retirement strategy.

At True North Wealth Management, we believe women deserve retirement planning that reflects real life—not generic assumptions. The right strategy can help you build confidence, protect your future, and make informed decisions at every stage.

1. Talk About Money Openly

Money conversations can feel uncomfortable, but they are essential.

If you are single, write down your retirement goals and review them regularly. If you are married or partnered, make sure both people understand the household’s full financial picture.

Discuss:

Do not let one person carry all the financial knowledge. Both partners should understand how the plan works, where accounts are held, and what steps would need to happen if life changed unexpectedly.

2. Take an Active Role in Retirement Planning

A retirement strategy should not be left to chance.

Start by asking:

Women may live longer than men on average, which can mean planning for more years of retirement income, healthcare costs, inflation, and potential long-term care needs.

A clear plan can help you adjust if your career path, relationship status, income, or family responsibilities change.

3. Make Retirement a Line Item in Your Budget

Treat retirement savings like a priority, not an afterthought.

Review your budget and look for ways to create room for future-you. That may mean increasing workplace retirement contributions, funding an IRA when eligible, saving part of a raise, or directing a portion of bonuses or extra income toward long-term goals.

Small increases can matter. Even raising your retirement contribution by 1% can help build momentum over time.

If caregiving or family obligations make saving difficult, review the plan instead of giving up. A financial professional may help you evaluate tradeoffs and identify realistic next steps.

4. Prepare for Career Interruptions

Time out of the workforce can affect more than today’s paycheck.

It may also reduce:

Before stepping away or reducing hours for caregiving, consider the long-term financial impact. When possible, discuss whether the household can continue retirement contributions, maintain insurance, and protect emergency savings during that period.

5. Review Social Security and Survivor Planning

Social Security claiming decisions can affect retirement income for life.

Women who are married, divorced, widowed, or have lower lifetime earnings should understand how spousal, divorced-spouse, and survivor benefits may work. Timing matters, especially when one spouse has a higher benefit.

A thoughtful Social Security strategy should consider health, life expectancy, taxes, other income sources, and the needs of a surviving spouse.

6. Protect Yourself With Estate and Insurance Planning

Retirement planning is not only about investments.

Review whether you have:

TNWM works with Trust & Will to help clients take practical steps toward creating or updating essential estate documents. More complex situations may require direct guidance from an estate-planning attorney.

Build Confidence With a Written Plan

Women often carry significant financial and family responsibilities. A written retirement strategy can help turn uncertainty into action.

At True North Wealth Management, we help women and families coordinate retirement income, investments, Social Security, taxes, insurance, estate planning, and long-term goals.

If you are unsure whether you are on track—or if your retirement plan needs to reflect caregiving, career changes, divorce, widowhood, or a new stage of life—schedule a conversation with True North Wealth Management.

A thoughtful review can help you understand where you stand and what steps may strengthen your future.

Important Disclosures:
This material is for informational purposes only and is not intended as tax, legal, accounting, insurance, Social Security, estate-planning, or individualized investment advice. Retirement planning, Social Security benefits, tax treatment, insurance needs, and estate documents vary by individual circumstances. Please consult qualified tax, legal, insurance, Social Security, and financial professionals regarding your situation.

1. Caregiver.org, 2023
2. TRowePrice.com, March 13, 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.