While we’ve seen progress toward gender equality in recent years, women continue to face unique challenges that men typically don’t have to work to overcome. This is particularly true when it comes to planning for retirement.
Even though women today have more career opportunities than ever before, they still consistently earn less than men. Wage inequality certainly makes saving for retirement a bigger mountain to climb for many women. Additionally, on average, women are estimated to live longer than men, which means they must save more money to last them for more years in retirement.
Yet, despite these obstacles, we believe that women can achieve secure and fulfilling retirements. Here are three retirement priorities for our female clients and our recommendations for attaining them.
1. Financial Security
Most people’s top priority when planning for retirement is to feel secure about their finances. After working hard for decades, women want to know that they have enough money to retire and that their retirement savings aren’t going to run out prematurely.
We help our female clients strategize the best ways to save for retirement, including investment allocations to generate long-term income. And, most importantly, we provide them with comprehensive retirement plans that account for various possibilities (such as the need for long-term care or increased medical expenses). True financial security is knowing that your financial needs will be taken care of no matter the circumstances.
2. A Strong Community
Retirement isn’t just about having enough money in the bank to quit working. It’s a time to relax, learn more about yourself, and begin a new chapter of your life. But many women fear loneliness and lack of purpose in retirement.
The good news is that surveys tell us that many women dream of an “active” retirement, which provides ample opportunities to maintain connections with others. You might want to consider starting a business, doing volunteer work, or traveling. No matter your budget, you can surround yourself with family, friends, and like-minded people.
With a strong community, you can ensure your retirement years are some of the best and most vibrant years of your life. If you’re having difficulty making connections, we suggest looking for community groups and events that appeal to your interests. Social media is also another place to look.
3. A Financial Advocate
Because many women prepare to spend at least part of their retirements alone, they often look for a trusted financial advocate that they can count on to help make decisions big and small. A financial advocate should be there for you to help evaluate your best options to reach your goals and navigate new scenarios as you experience life’s changes. With the right financial partner, you’ll have a trusted resource for planning now and into the future.
We’re Here to Help
We at Black Walnut Wealth Management understand what women need in retirement because we are a husband-and-wife team committed to getting to know our clients, their goals, and their circumstances. We would love to create a comprehensive financial plan for you and become your trusted financial advocate. To get started, schedule a 15-minute introductory meeting by calling us at (231) 421-7711 or using our online calendar.
Erickson Braund is the Founder and Chief Financial Officer at Black Walnut Wealth Management. He is a Certified Financial Planner®️ professional and a Chartered Retirement Planning Counselor®️. Eric brings over 20 years of experience working with high net-worth individuals and families, helping them achieve their goals of protecting and growing their wealth for retirement and for generations to come. Because Eric is a CFP®️ professional, he adheres to high ethical standards and engages in at least 30 hours of approved continuing education in the financial industry each year.
Braund is a Northern Michigan native who truly enjoys all that the area offers, including hiking, biking, swimming, skiing, volleyball, and boating. He loves spending time with his family — his wife, Jodi, and his two children — and maintaining a balanced life. To learn more about Eric Braund, connect with him on LinkedIn.
Recent Insights from Black Walnut Wealth Management