Although there have been some great strides recently in gender equality in the workplace (and in society in general), there’s still work to be done—especially when it comes to retirement. Women continue to face unique challenges that the average man doesn’t face. Yes, it’s true that women today are better educated and have more career opportunities than before; but they still consistently earn less than men. This wage gap means that saving for retirement is a bigger mountain to climb for women than it is for men.
There’s also the reality that women are more likely to live longer than men. So they’ll need enough retirement funds to sustain them for a longer period of time, possibly decades, which necessarily leads to higher healthcare costs. Considering these factors, it’s no wonder that women are worried about their retirement! The good news? These obstacles are not insurmountable. Here are the top three retirement goals our female clients have—and recommendations for how to make them a reality.
1. Financial Security
Because of the specific difficulties women face in saving enough for retirement, we understand that most women’s priority for their golden years is to feel secure about their finances. After working hard for decades, you want to know that your retirement savings aren’t going to run out in your lifetime.
Accordingly, we help women strategize the best ways to save more for retirement as well as investment allocations to generate long-term income. A comprehensive retirement plan that accounts for a variety of possibilities (such as the need for long-term care or increased medical expenses) can help you sleep easier knowing your financial needs will be taken care of.
2. A Trusted Financial Advocate
Because many women must prepare to spend at least some of their retirement alone, we understand that it’s important to develop a relationship with a trusted financial advocate. A financial advocate will be there to help evaluate the best options to reach your financial goals and navigate new scenarios as you experience life’s changes.
Although you may feel overwhelmed or concerned about your long-term security, we believe that women can still achieve the retirement they envision with the right knowledge and strategies. A trusted financial advocate may be the missing piece you need to help you get there. With the right financial partner, you’ll know you have someone you can go to with all your financial questions down the road—no matter how big or small.
3. A Strong Community
Of course, retirement isn’t just about having enough money in the bank to quit work. It’s a time to relax, learn more about yourself, and begin a new chapter in life (a chapter that could last 20-30 years). But many women fear loneliness and aimlessness in retirement. Once retired, it can be difficult to replace the connections that came easily during your working years.
Retirement can be a difficult transition for even the most independent of women. The good news is, surveys tell us that the majority of women dream of an active retirement, which provides ample opportunities to develop strong connections with others. Whether you plan to travel the world, spend more time with family and friends, pursue hobbies, or volunteer in your community, there are plenty of ways to surround yourself with like-minded people no matter your budget.
To get the most out of your golden years, we recommend making connections either through social media groups or community groups so you have people to call on when times get tough. With a strong community, you can ensure your retirement years are some of the best and most vibrant years of your life.
We’re Here for You
The golden years of retirement should be some of the most enjoyable times in your life. But this stage of life also comes with unique challenges, especially for women. We at Fiduciary Wealth Management understand these challenges and know how to overcome them. We take a holistic approach, crafting strategies that align with your circumstances and help you pursue your objectives. And we’re proactive in our monitoring and updating, so we’ll track your progress and adjust as needed to keep you on target.
Your retirement journey may be unique, but you don’t have to walk it alone. We would be honored to partner with you and help you start taking steps to prepare for this time financially, emotionally, and mentally. To get started, schedule a phone call now!
About Rocklin Senavinin, CFP®
With over 20 years of experience in the financial planning industry, Roc has dedicated his career to helping individuals live comfortably in retirement and enjoy the assets they have spent their career building. He is co-founder of Fiduciary Wealth Management, a fee-only registered investment advisory firm in Little Rock, Arkansas. As a CERTIFIED FINANCIAL PLANNER™ professional, he has advanced training in the holistic process of creating a personal financial plan that addresses a person’s comprehensive needs for the short and long term. To learn more, connect with Roc on LinkedIn or visit www.fidwm.com. If you have questions, feel free to schedule a phone call using this link.
The views expressed represent the opinions of Fiduciary Wealth Management, LLC and are subject to change. These views are not intended as a forecast, a guarantee of future results, investment recommendation, or an offer to buy or sell any securities. The information provided is of a general nature and should not be construed as investment advice or to provide any investment, tax, financial, or legal advice or service to any person.
Additional information about Fiduciary Wealth Management, LLC is also available on the SEC’s website at https://www.adviserinfo.sec.gov/Firm/284324. Please call or email with questions.