Navigating the complex waters of retirement planning for women can often feel overwhelming and daunting, particularly after experiencing significant life events such as a job loss or divorce. However, it's important to recognize that entering this phase also presents an empowering opportunity to reshape and refocus on a future that is tailored specifically to your needs and aspirations.

As many individuals begin to give retirement planning the gravitas it deserves in their 50s, it becomes increasingly indispensable for single women to approach this phase with both strategy and intention. This comprehensive guide is designed to provide you with invaluable insights, practical steps, and expert advice needed to instill confidence in your journey to a secure retirement. By equipping yourself with the right knowledge and tools, you can navigate the intricacies of retirement planning with ease, ensuring a secure and fulfilling future ahead.

A Guide to Retirement Planning for Women in Their...

I have been through this more than once.

I have been unexpectedly laid off. I have made a deliberate decision to walk away from a career path that was no longer right for me. And I have built a business from scratch without a guarantee of what the first year would look like financially.

Each time, the thing that made the difference was not courage or optimism, though those help. It was preparation. Having a financial plan that gave me enough runway to make the leap without free-falling.

A career change is one of the most significant financial transitions a woman can make, especially in midlife when the stakes are real and the margin for error feels smaller. But it is absolutely navigable. Here is how I think about it.

Start With Clarity Before You Start With Job Boards

Before you update your resume or start researching new fields, get honest about where you stand financially right now.

This is the Clarity pillar of the Intentional Money Method. You cannot plan a transition withou...

Divorce often leads to changes in every aspect of your life, especially your finances. It can be particularly daunting when you have to rethink and re-plan your retirement strategy. However, planning for retirement after a divorce doesn't need to be overwhelming. With the right approach, you can turn this life-altering experience into an opportunity to create a solid, customized retirement plan that works best for your new lifestyle.

Understanding the Impact of Divorce on Retirement

Divorce often results in splitting assets, including retirement funds, which may significantly reduce the amount you had planned to live on during retirement. It can also lead to increased living expenses, as you shift from shared costs to bearing them independently. Both of these changes can profoundly affect your original retirement plan.

Moreover, divorce can have various tax implications, like potential penalties for early withdrawal from retirement accounts or changes in tax filing status. These con...

As part of our Thriving After Divorce Speaker Series, our own Leah Hadley, Founder and CEO of Intentional Divorce Solutions and Intentional Wealth Partners, discussed Social Security Considerations for Divorced Women.

Social security is a very important topic, especially for women who have been divorced (whether or not you're now remarried) and are approaching retirement age. Women represent 56 percent of all Social Security beneficiaries aged 62 and older and about 66 percent of all beneficiaries aged 85 and older. 

Even though progress has been made in bridging the gender pay gap, on average, women still earn less than men and have less retirement savings. BUT on average, women are LIVING LONGER than men, so how can you maximize the money you have so you can live the way you want in your retirement?

In Leah's presentation, she discussed the value of Social Security and the ways you may increase your lifetime benefits.

The Value of Social Security

First, Social Security is one of...

People like to make a lot of proclamations about what to “always” or “never” do with your money. However, these are quite often total financial myths. And, when it’s coming from a source you trust, you tend to take these financial myths at face value rather than exploring the truth of the situation for yourself.

These five financial myths can negatively impact your mental wellbeing as well as that of your budget and financial security. So let’s play MythBusters and talk through some of the things we always hear about finances and the reality of the matter instead.

Financial Myth #1: You don’t need an emergency savings fund if you have a credit card.

The Reality: This is a very costly (and not always assured) way to cover emergencies.

This is one of the financial myths that always gets me going! There are so many things that could get you into trouble around credit cards and the way people use them is one of them.

The reality is that you may have credit today, but not tomorrow. ...

Juggling multiple financial goals can be stressful and confusing. It's especially challenging to make progress on other financial goals when you're drowning in debt. The message is clear when it comes to saving for retirement - start early! However, some financial gurus are adamant that you should pay off all of your revolving debt before investing for retirement. So, should you pay off your debt first or start saving for retirement? How do you decide? 

#1 Make a Budget

When making your budget, you have to consider everything. Evaluate how much you make, your expenses such as insurance (health and vehicle), utilities, groceries, etc. your debts, and your saving plans. When figuring out each month what you can afford, we have to make sure we have every aspect covered in our life. Going through the budgeting process will help you determine the money you have available for debt repayment as well as for retirement savings.

For each debt, be sure to identify the balance, the associate...

As you learn more about investing, it can become apparent that there are many investment myths out there, ranging from absolutely ridiculous practices to things that may seem almost legitimate. No matter whether you get the information from a peer or an investment professional, be sure to keep an eye out for these common investment myths. 

Don’t Believe These Investment Myths 

Of course, each investor is different. There are no hard and fast guidelines that apply to everyone when it comes to balancing risk, but it does help to have a good understanding of what to look for.

Myth #1: Risk Definition is Static

Risk means different things to different investors. The way you manage risk has to do not only with the amount of money you’re investing but also your personality. Outside of investing, look at how you manage risks and how you associate them with your day-to-day life. Rather than focusing on whether something is “risky” in the market, consider what a risky investment means to yo...

I have been a financial advisor for nearly two decades. I have worked inside large institutions and built my own firm. And I can tell you with complete honesty that not all financial advisors are created equal.

Some are excellent. Some are mediocre. And some are genuinely not working in your interest, even if they seem confident and credentialed.

I say that not to scare you away from getting professional help. Quite the opposite. A good financial advisor is one of the most valuable relationships you can have, especially in midlife when the decisions you make now have real consequences for the next 20 or 30 years. I say it because I want you to know what to look for, what questions to ask, and what should give you pause.

Here is how to choose a financial advisor who is actually right for you.