Women face unique retirement challenges that men (on average) simply don’t have to manage. For instance, even though women today are better educated and have more career opportunities than ever before, (1) they still consistently earn less than men. (2) This wage inequality can make saving for retirement a bigger mountain to climb for many women.
It’s also widely known that women are more likely to live longer than men, (3) which means their retirement plans must include saving enough money to last for more years—perhaps even decades—in retirement (which also means higher healthcare costs). (4) Factoring in the difficulty of having to fund more years in retirement along with wage inequality, it’s no surprise that women’s anxieties about retirement are high!
Despite these obstacles and fears, we believe that women can still achieve the secure, fulfilling retirement they’re looking forward to. Let’s discuss the top three goals our female clients have for retirement—and recommendations for how to achieve them.
1. Financial Security
Because of the specific difficulties women face in saving enough for retirement, we understand that most women’s priority for their golden years is to feel secure about their finances. After working hard for decades, you want to know that your retirement savings aren't going to run out in your lifetime.
Accordingly, we help women strategize the best ways to save more for retirement as well as investment allocations to generate long-term income. A comprehensive retirement plan that accounts for a variety of possibilities (such as the need for long-term care or increased medical expenses) can help you sleep easier knowing your financial needs will be taken care of.
2. A Trusted Financial Advocate
Because many women must prepare to spend at least some of their retirement alone, we understand that it’s important to develop a relationship with a trusted financial advocate. A financial advocate will be there to help evaluate the best options to reach your financial goals and navigate new scenarios as you experience life’s changes.
Although you may feel overwhelmed or concerned about your long-term security, we believe that women can still achieve the retirement they envision with the right knowledge and strategies. A trusted financial advocate may be the missing piece you need to help you get there. With the right financial partner, you’ll know you have someone you can go to with all your financial questions down the road—no matter how big or small.
3. A Strong Community
Of course, retirement isn’t just about having enough money in the bank to quit work. It’s a time to relax, learn more about yourself, and begin a new chapter in life (a chapter that could last 20-30 years). But many women fear loneliness and aimlessness in retirement. Once retired, it can be difficult to replace the connections that came easily during your working years.
Retirement can be a difficult transition for even the most independent of women. The good news is, surveys tell us that the majority of women dream of an active retirement, (5) which provides ample opportunities to develop strong connections with others. Whether you plan to travel the world, spend more time with family and friends, pursue hobbies, or volunteer in your community, there are plenty of ways to surround yourself with like-minded people no matter your budget.
To get the most out of your golden years, we recommend making connections either through social media groups or community groups so you have people to call on when times get tough. With a strong community, you can ensure your retirement years are some of the best and most vibrant years of your life.
We’re Here to Help
Many of life’s burdens can be made lighter when you include others on your journey. We at Security Financial Management would be honored to partner with you as your guide on your path to retirement and beyond. Let’s start taking steps today to make sure you’re financially, emotionally, and mentally prepared for this pivotal milestone. Schedule a call today or reach out to us at SFM@sfmadvisorgroup.com, and let’s see if we are the right fit to help you secure your financial future and plan for a fulfilling, anxiety-free retirement.
About Security Financial Management
Security Financial Management is an independent financial services firm dedicated to delivering exceptional service built on reliability and trust. With 3 locations in Central Florida and 1 in Rochester, MN, SFM has been partnering with clients for over 25 years, providing comprehensive financial planning. To learn more about Security Financial Management, connect with them on LinkedIn.
Advisory services offered through Investment Advisors, a division of ProEquities, Inc., a Registered Investment Advisor. Securities offered through ProEquities, Inc., a Registered Broker-Dealer, Member, FINRA & SIPC.
Security Financial Management is independent of ProEquities, Inc.
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(1) https://www.pewresearch.org/fact-tank/2018/03/16/how-millennials-compare-with-their-grandparents/