To save for retirement with confidence, it's important to think about when you want to retire and how you want to spend your time. Once you have your vision – or goal – you need a strategy to achieve it. Even if you've already started saving, it's important to regularly review your strategy and consider these questions.
1. When do you plan to retire?
When you want to retire determines how many years you have to save. If a man and woman of the same age wish to retire at the same future age, the woman may actually have fewer years of earnings to save. Why? Women are more likely than men to drop out of the workforce at some point to care for young children or aging parents.1 Additionally, on average women make around 85 cents for every dollar men earn.2 This can leave a woman with less money saved for retirement.
It’s important for women to take this into account when developing a savings strategy. You might want to plan on working longer, saving more while working, coordinating with a spouse’s savings or simply planning to spend less in retirement.
2. How long might your retirement last?
In general, women live longer than men. The longer you live, the longer your retirement savings will need to last. This means your strategy should take a longer retirement into account.
Did you know? At age 85 or older, the approximate ratio of women to men is 5 to 3.
3. How much risk is right for you?
Risk tolerance is one of the components of a personal retirement strategy. You’ll want to be comfortable with your investments while ensuring they work as hard as they can.
If you prefer having most of your money in cash and investments with lower volatility, you may be actually taking more risk – the risk you do not achieve enough growth to reach your long-term retirement goal. We can help you develop a portfolio that balances your long-term goals with your tolerance for risk.
4. How do you balance saving for retirement with other goals?
While retirement may seem further off than other goals, time is a valuable asset – so don’t neglect your long-term goals. Instead, view all your goals together.
A solid savings strategy includes solutions for both short- and long- term priorities. We’re well-equipped to help identify solutions for managing multiple priorities in ways that complement rather than compete with one another.
5. Have you taken steps to manage unexpected events?
Every good plan requires contingencies for unexpected events, such as illness or job loss. With careful preparation and a review of your protection strategies, we can help you weather unexpected changes that may come your way.
How we can help
Achieving the retirement you envision is a possibility. Your financial advisor can help you build a strategy to achieve it. Contact your local financial advisor today.
Important Information:
1 “Lifetime Employment-Related Costs to Women of Providing Family Care," Urban Institute, February 2023.
2 “Gender pay gap in U.S. has narrowed slightly over 2 decades," Pew Research Center, March 4, 2025.