Breaking Barriers: Strategies for Women to Thrive in Retirement

Women often juggle a world of responsibilities, from building a career to caregiving for parents and children. This often leaves retirement planning at the bottom of the to-do list. Fortunately, supporting women in retirement planning is a key focus of my practice. As a financial advisor, I collaborate with women to create personalized financial plans that bring them closer to their goal of a fulfilling and worry-free retirement.

The Statistics Are Against You

According to the Department of Labor statistics, an idyllic retirement doesn’t happen for a large percentage of women.

• Only 43.5% of working women contribute to a retirement plan.
• Women are more likely to work part-time jobs without the ability to contribute to employer plans.
• Studies show that women invest more conservatively than men and aren’t as confident in their financial decisions.
• Women are more likely to take time off to care for family members, which reduces their working years.
• American women typically earn 82 cents for every dollar earned by men.
• The average working woman in the U.S. spends 18% more on healthcare costs than a man, which carries over into retirement because women have a higher life expectancy.

But I’m here to say it’s never too late or too early to start planning. I can help.

Retirement Planning for Women Is Possible

At Infiniti Wealth Management, I want to help you meet your goals and retire with the assets you deserve.

Here are a few non-negotiables:

If you have access to a company or individual retirement plan, start contributing: Compounding interest is on your side and starts the minute your contribution hits your retirement account.

Max out your contributions to retirement accounts: Even if you work part-time, you can still contribute to an IRA or Roth IRA. In 2024, the IRS allows contributions of up to $7,000 a year for each account, and for anyone over the age of 50, an additional $1,000 catch-up contribution is permitted.

Plan for higher healthcare costs: Consider long-term health insurance coverage and healthcare savings accounts (HSAs) to help you pay for certain health expenses in retirement.

Build financial confidence: Learn as much as you can to build your confidence in making investment choices. I recommend reading my blogs. Informed clients make the best decisions for their retirement.

Don’t be afraid to ask for help: I specialize in helping pre-retirees and retirees plan for a secure retirement. If you are thinking of retiring in the next 10 years or if you’re already retired, I would love to help you chart your course!

Conquering Challenges

You don’t have to tackle this on your own. While women may encounter financial hurdles, your retirement dreams are still achievable with a thoughtful plan and a clear path forward. I’m here to support you every step of the way, from planning for retirement and beyond.

Let’s have a chat. Call our office at 845-278-8638 or send us a message to set up a complimentary consultation to see if I’m the right fit to guide you on your financial journey.