Broker Check

Women and Wealth

April 09, 2024

Here's how women can ease into retirement

The transition from working to retirement can be difficult for many women. With decades spent working hard to build your career, retirement brings a new set of challenges and opportunities. Everything from your lifestyle to healthcare and expenses will likely change.

Keep these things in mind as you begin to think about moving from work toward your future retirement.

Consider a new passion or purpose

For many women, their work has been a large part of their identity for decades. As retirement approaches, you may find it scary to let go of that part of your life. That’s why it’s important to start thinking about what new passion projects you could consider in retirement.

These might include:

  • Volunteering - If there is a cause that’s near and dear to your heart, time spent volunteering can be very meaningful.
  • Family time - Babysitting grandchildren and committing time to your family can help fill your days in a meaningful way.
  • Career mentoring - You’ve seen a lot throughout your working life, and supporting younger career-focused women can be a great way to share your knowledge.
  • Take a class - Learning is a lifelong process. If you’ve always wanted to learn something new but never had the time, now’s your chance.

Put your health first

There is no escaping mother time. Aging is something that we all need to come to terms with. But that doesn’t mean you should disregard your health altogether. Eating a healthy, balanced diet and exercising regularly can help you feel energized no matter your age. Also, keeping your mind sharp will be important now that you aren’t focusing on work. Little things like crossword puzzles can help keep your brain active daily.

And don’t forget your social health as well. Spending time with others has been shown to have major health and longevity benefits. So, whether it’s playing cards with friends or spending time with family, try to keep your contact with others strong.

Have your affairs in order

Do your loved ones know your retirement plan? Do they have access to your estate plan, will, trust, and other important documents? If not, it might be time to sit down with your children and other beneficiaries to lay out the details of your plans after you pass. While it might not be an enjoyable conversation, it will make the logistics easier for your loved ones later. If you need help, a financial planner can work with you to make sure you don’t forget any important information and have set your loved ones up for success.

Be prepared for a long retirement

On average, women live longer than men and are likelier to live into their 90s. This means you could have a retirement lasting 30 or more years. Are you financially prepared for such a long retirement?

The last thing you’ll want to do is stress about money in your later years, so make sure you have enough money to cover your expenses in retirement. A well-designed financial plan can help ensure you aren’t stressing later and can enjoy your retirement years to the fullest.

Looking for more personalized guidance that aligns with your unique situation? Feel free to reach out; we’re here to help every step of the way.