5 Ways Women Need to Plan for Retirement Differently Than Men

Women Need to Plan

5 Ways Women Need to Plan for Retirement Differently Than Men

Author: Robin Edgar

Senior Recruiter

Concorde Investment Services, LLC; Concorde Asset Management, LLC

 

Life can feel unpredictable, but preparation is key to our peace of mind throughout it all. Your financial future will likely look different from the person next to you—but I want to talk about women specifically. How are we planning for our futures? Have we accounted for scenarios in which we take a different path than our partner?

 

The answers to these questions will help shape a discussion that can help you feel more prepared for your future—no matter what it holds. Based on my experience, here are five specific things women should consider:

1. Understand the importance of risk in your portfolio.

Risk can make us feel nervous or uncertain; if it didn’t, it wouldn’t be a risk in the first place! Women should prioritize understanding the risks within their portfolio and how to use them to their advantage. Prioritize being an active part of discussions on how the market affects your finances, whether in planning meetings or advisor conversations. Create a seat for yourself at the table and build the confidence you need to move from risk-averse to risk-ready.

2. Plan for the possibility of living alone.

Based on 2020 research from Statista, the difference in life expectancy between men and women is roughly five years. Yet, regardless of gender, it’s a wise practice to plan for the possibility of living alone. As a single woman, the process may be as simple as adjusting your current financial practices to the needs you may have as a senior. For couples, focus on creating contingency plans for either partner, ensuring that you (or your partner) have options to maintain independence no matter what happens.

3. Create pathways for different living experiences.

It’s a simple fact: as we age, we have different needs. For some, this may include additional medical support and doctor visits. For others, it could mean a transition into a senior living community. Though it’s impossible to plan for every future event, you can still plan to allocate additional funds to cover where you’ll live and the care you’ll receive. I know it’s not always fun to have these discussions—you may not want to consider the possibility of moving into a senior living community at all. If you’re not ready to have the conversation yet, consider framing the narrative in terms of your mother or other older women in your life. What kind of expenses do you think they had to plan for based on their needs? How might your life resemble their experience? Use those preliminary questions to start planning for your future and ensure you have all the resources, financial or otherwise, to live your life to the fullest.

4. Involve your loved ones in the discussion.

Women need to include their children, family members, or loved ones in discussions about what needs or wants they have regarding the future. Should you require extra help as you age, it’s critical to keep a support system of trusted individuals around you. According to what you dictate, they can help execute your financial and living vision. In many instances, in-home care or assisted living costs can impact one’s family’s finances. We forget to talk about the money until the moment we need it! Allow your financial advisors to help you navigate these early discussions while documenting your plans and sharing them with family members.

5. Don’t give up on your bucket list.

Though all this advice is vitally important, I hope you never forget my last point: keep your dreams alive. Bucket lists and ambitions shouldn’t be left behind, but that’s often a reality for many women who balance relationships, families, careers, and various life challenges. Instead of shutting down your bucket list, work with an advisor to create the financial foundation you need to make it happen! Begin with the end in mind: even if you aren’t taking off to Italy tomorrow, you have a budget to get there. This process doesn’t just help women create an independent future—it builds confidence and creates opportunities to follow our ambitions.

Make the Step to Plan Now

If you’re a woman who’s ready to plan for your financial future, start by finding the right advisory team to get you there. These are the people who will enable you to live exactly how you want today, tomorrow, and throughout your entire life. At Concorde, our team of advisors and financial professionals are here to do just that. To learn more about the services we offer, please reach out today!

 

Because investor situations and objectives vary this information is not intended to indicate suitability or a recommendation for any individual investor. This is for informational purposes only, does not constitute individual investment advice, and should not be relied upon as tax or legal advice. Please consult the appropriate professional regarding your individual circumstance. Securities offered through Concorde Investment Services, LLC, member FINRA/SIPC. Advisory services offered through Concorde Asset Management, LLC, an SEC-registered investment advisor. Insurance offered through Concorde Insurance Agency, Inc.