Retirement Planning Tips for Women


Retirement Planning Tips For Women


Financial security is an essential factor for both men and women alike. However,
men are far better at retirement planning than women. Even though, women should
generally be more concerned about retirement savings because of their long lifespan.
It is a fact that women tend to live longer than men and hence have a more risk of
aging more than their retirement savings. This is essentially why women should pay
more attention to this topic. Because they need to start saving equally as men if not
more. This is why we are offering these retirement planning tips for women.


It is general knowledge that men are more interested in household finances than
women. Although we have come a long way in removing gender stereotypes but this
one has mostly remained. Some might argue that this is not the case for everyone.
But the majority is guilty of this. Retirement planning among women is highly
uncommon but why is that so? Discussed below are the major causes why women
do not plan for retirement savings:

– Financial dependence on spouse:

About half of the women population, depends on their husbands to take care
of the household finances. Either it’s a lack of interest or just gender
stereotypes. Therefore, this is a common factor among most women.

Wage gap problem:

There has always been a wage gap since the beginning of the modern century.
Although a lot of people have done tremendous efforts to remove this
unfairness. There is still a percentage wage that women get less. Even if
women allocate a small part of their savings to their retirement planning. It  is
not enough, because of this difference in incomes. This is a huge cause of
women’s retirement savings running out before time.

– No risk-taking approach:

It is a known fact that women are risk-aversive where as men take risk.
Investment risks are mostly taken by men while women shy away from
taking such a risk by investing.


Retirement planning is an important aspect of adult life.. Old age is nothing to be
scared of if you have taken the proper measures to make sure you live comfortably.
Although a lot of people like to live in the present, this is an essential step to make
sure that you do not face problems later on. A lot of women face the problem of
insufficient funds at old age because of poor saving habits. Therefore, it is highly
important to form good saving habits from  an early age in life. Following are the best
financial planning and saving tips for women:

– Financial awareness:

The best retirement planning tip for women is to be more involved in the
financial matters of the house. Married women should ask their husbands to
let them be more involved in the financial matters. Moreover, they should try
to self-educate regarding the different financial ways Retirement planning and
savings can be done. Credit should also be monitored. Some percentage of
your income should be allocated to retirement savings by your employer.
Additionally, social security income should be checked as it provides a good
percentage of money based on your income.

– Strategic planning:

Every important task requires specific planning for it to be successful. By
planning for retirement, a person is financially secure and their plan should include
short-term and long-term goals to save. The plan should divide the money into two types.

The former one should be for the most basic necessities such as
food, shelter, health care and emergencies. The latter one should be for the
luxuries such as travel, entertainment, House renovations, etc.

– Annuity Payments

Annuity payments can be used to fill the wage gap between men and women.
By adding annuity payments in your retirement planning fund, the amount
significantly increases.

– Minimize taxes:

Taxes are the main cause of reduction in your income. By reducing
unnecessary taxes, your spendable income increases by a margin. This way,
more savings can be done. And hence, the retirement fund would benefit.
Annuity payments can also be purchased through the extra spendable income.
Thus, adding to the retirement fund.

– Specific plans for different situations:

Every individual is different and has different goals, aims etc. Every woman is
different as well, and hence has different goals for her retirement. Retirement
planning should be done differently for each specific case. Goals should be
set according to preferences. Long term tasks should be managed with the
goals in mind. The savings should have your situation in mind.

– Maximize income:

The most basic source of your retirement fund is your gross income. By maximizing your income, you can save more. And hence, the retirement planning would be more efficient. This way your goals and dreams for old age can be accomplished. Necessity is basic, if good retirement planning is done, your retirement age can be spent in luxury.


Post retirement life isn’t always easy for everyone. Although most people depend on
their children to take care of them at that age. However, sometimes they get
disappointed. Therefore, everyone should be financially secure whether at the age of
35 or 65. Early retirement planning benefits women a lot. Women at old age are
already going through a lot. Hence, they shouldn’t have to worry about financial
security at such a crucial stage in their lives. By developing good saving habits at a
stable point in your career and life, you can manage to form a good retirement plan.
And therefore, manage a happy, satisfying retirement period.

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