At Intelliplan Financial, we recognize the unique challenges women face in life and financially — including how they plan for retirement.

We’ve helped countless single, divorced, widowed, and married women proactively plan for their future, so that no matter their circumstances, they can face life with confidence in their finances. We’re here now to share our expertise to help many more.

Common Retirement Planning Challenges for Women

We understand that women often juggle multiple roles – as caregivers, professionals, and patients themselves. While we’re grateful for their ability to do so, we’re also aware of the many ways these roles can complicate their financial planning needs.

Here are some of the major challenges women face in retirement:

Longer Life Expectancy

While it’s not always the case, women typically live longer than men. What does this mean for their retirement savings? It needs to last longer and potentially be supplemented with other retirement income sources if you’re relying on a spouse’s income or benefits.

Health Risks & Costs

Women being more likely to encounter significant health issues like breast cancer can also have a huge impact on their retirement.  We’ve seen how living with serious or life-threatening health condition increases clients’ medical expenses and the need for long-term care, but we’ve also seen how proactive planning can minimize the burden.

Caregiving Responsibilities & Consequences

Many women find themselves as primary caregivers for aging parents, spouses, or children and grandchildren with special needs throughout their lives.  Unfortunately, these responsibilities can reduce their time in the workforce, leading to lower lifetime earnings, reduced Social Security benefits, and less opportunity to save for retirement.

Lower Lifetime Earnings

In addition to needing to take more time away from work to care for loved ones, on average, women also earn less than men, which impacts their ability to contribute to a nest egg. This gender pay gap means women often must stretch their savings further to achieve the same level of retirement security.

Change in Marital Status

No one wants to think about their marriage ending or their beloved passing away before them. But while we always try to hope for the best in our clients’ lives, we also know we aren’t doing our job if we don’t prepare them for the “what ifs.”

Divorced or widowed women often face losing the pension, Social Security benefits, or other spousal income that may have been a significant part of their financial planning. Taxes are also an important factor to account for when undergoing a change in marital status. For example, when a woman is divorced or widowed, their tax filing changes from married filing jointly to single filing, meaning a potential increase in income tax paid, which can strain your resources.

We understand how overwhelming it can be to go through these transitions alone — but you don’t have to. We have extensive experience helping women with the same challenges feel confident in their finances.

Peace of Mind Through Holistic Planning

We’re passionate about proactive planning because it immediately provides you with so many more options than leaving yourself or your loved ones unprepared for these challenges.

Knowing the facts is the first step to feeling more secure about your future whether you’re a woman readying for your own retirement, with or without a spouse.

Know You’re Ready Now, Soon, and Later

As stated, the unexpected can be inevitable but preparation makes all the difference. One of the most empowering strategies we use with our clients is The Bucket Plan® which buckets your financial needs across different time horizons, “now”, “soon”, and “later.”

This approach considers not just your finances, but your entire life to help ensure your immediate needs, those in the next few years, and those long term, are all covered — no matter what life brings your way.

Start Saving Early and Consistently

Given the challenges women face, it’s crucial to begin saving as early as possible and understand the types of retirement plans available to you.

Consistent contributions to retirement accounts, such as a 401(k) or IRA, can help build a robust financial cushion for the future.

Proactive Health Care Planning

Having the right health care plans in place can help women get the care and testing that can help pinpoint risks and identify the presence of health issues ahead of time. It is also important for women to have a financial plan that considers health care needs, including long-term care, to help cover the costs without depleting retirement savings.

Maximize Social Security Benefits

It’s essential to understand the rules around Social Security and how they apply to your specific situation to be prepared. Delaying benefits, for example, can increase the monthly amount you receive, which is particularly beneficial if you anticipate a longer life expectancy. However, in some cases, it may make more sense to begin taking Social Security as early as possible to ensure you receive your benefits sooner.

The Difference a Skilled Financial Advisor Makes

Our team is as skilled in helping women thrive in their pre-retirement and retirement years. We take the time to understand you on a deeper level and how each of the titles you may carry — spouse, mother, grandmother, working professional — all inform your needs. That’s why we’re committed to providing personalized, holistic financial advice, and helping you develop a sound retirement withdrawal strategy that supports you.

Start Planning for the Future

Let us help you commit to your health and happiness through financial well-being. Knowledge is power, and we are here to be by your side in the present preparing you for a confident future. Contact us today for a free consultation to start planning for a future that brings peace of mind, no matter what challenges life may present.

Disclosure: Financial Planning and Advisory Services are offered through Prosperity Capital Advisors (“PCA”), an SEC-registered investment adviser.  Registration as an investment adviser does not imply a certain level of skill or training. Intelliplan Financial and PCA are separate, non-affiliated entities. PCA does not provide tax or legal advice. Insurance services offered through Intelliplan Financial are not affiliated with PCA.