Retirement Savings for Women: 8 Steps to Grow Wealth
Introduction: Take Charge of Your Financial Independence
Retirement planning presents unique challenges for women, whether you’re balancing family needs, supporting your partner’s goals, or re-entering the workforce after a long absence. If you’re worried about falling behind in savings, know this: you’re not alone, and it’s never too late to take control.
At Cornerstone Wealth, financial independence for women starts with small, intentional steps and the courage to prioritize your future. Women face longer retirements, unexpected life changes, and moments where putting everyone else first can make it easy to put your own security on the back burner. But with the proper financial planning for women, you can build confidence, gain clarity, and protect the people you love.
These eight steps offer practical, women-centered financial advice, grounded in what matters most to you and your family. Let’s boost your retirement savings together and help you claim the peace of mind you deserve.
Step 1: Clarify Your Retirement Vision & Goals
Retirement planning for women starts with your personal vision, because retirement is never one-size-fits-all. Picture what a fulfilling future means to you: time with family, world travel, picking up new hobbies, or launching a business. These dreams shape the foundation of your retirement goals.
Why Your Retirement Goals Matter for Women’s Wealth
Women often live longer than men, which means your savings need to last longer, too. When you set your own priorities (like lifestyle, family commitments, and legacy wishes), you create a retirement plan that truly fits your unique journey.
Turn Your Vision into a Plan
Start broad, then get practical: use a women’s money calculator, jot down your “must-haves,” and factor in real costs and taxes for your dream location.
The Power of Clarity
When you know where you’re headed, every financial planning decision becomes clearer. Your strategy can evolve as your dreams do.
Step 2: Eliminate High-Interest Debt & Pay Yourself First
Freeing Your Money to Fuel Retirement Planning
Before you can supercharge your retirement savings, it’s essential to clear financial hurdles that stand in your way. For many women, high-interest debt, such as credit cards and personal loans, can quietly erode years of potential retirement growth. Paying these off first is one of the most impactful steps you can take.
Budget Makeover
Start by reviewing your budget with your future in mind. The most effective retirement planning for women begins with the simple but powerful act of “paying yourself first.”
This means allocating a set percentage of each paycheck to your retirement accounts before considering non-essential spending. Even if that means starting small, consistency is key—and it brings you closer to achieving financial independence as a woman.
Family Support & Your Financial Security
As a partner, parent, or provider, it’s natural to want to support your family in any way you can. Remember, your kids may be able to borrow for college, but you can’t borrow for retirement.
Retirement planning specialists agree: Your security comes first. Building your financial cushion isn’t selfish because it’s the best gift you can give to those who depend on you.
Step 3: Maximize Employer Retirement Accounts (401k, 403b, etc.)
Don’t Leave Free Money on the Table
One of the best moves in wealth management for women is maximizing your workplace retirement plan, such as a 401(k) or 403(b). These accounts often come with “free money” through employer matching contributions, making them essential for building women’s retirement savings and achieving financial independence.
Why Workplace Plans Matter for Women’s Financial Security
When you invest pre-tax or Roth dollars straight from your paycheck, your savings can grow faster. Retirement planning specialists encourage saving at least enough to receive the full match, increasing this amount by a percentage whenever possible. Every slight increase helps create a more secure future.
“Over the years, I’ve learned that the most successful retirement journeys are built on steady progress, teamwork, and a willingness to ask questions. My goal is to simplify the process so every woman feels empowered to build a secure future for themselves and their loved ones.”
— Andrea Pine, Retirement Plan Specialist, Cornerstone Wealth
Employer Match – A Must-Grab Benefit
If your employer offers a match, make sure you contribute enough to capture the full amount. This is free money that instantly boosts your retirement savings. Remember: missing the game is one of the most common (and costly) mistakes women make in retirement planning.
What if You Don’t Have Access?
If you’re self-employed or part-time, consider a SEP IRA or Solo 401(k). A retirement plan consultant can help you choose the right path. Even small, regular contributions add up over time, thanks to the power of compounding.
Small Changes, Surprising Results
If you’re only able to contribute a small amount now, that’s okay. Start where you are. Increase your contributions bit by bit. Time and compounding are powerful allies in finance for women, and even seemingly modest adjustments today can pave the way for a much more comfortable retirement tomorrow.
Step 4: Harness the Power of IRAs, Roth IRAs & Spousal IRAs
Leveraging IRAs for Women’s Wealth and Independence
Individual Retirement Accounts (IRAs) are versatile tools that can help you supplement your workplace plans, or be your primary source of retirement savings if you don’t have access to an employer plan. For many women, IRAs come with unique advantages that support your family and wealth management needs.
Tailoring Traditional and Roth IRAs for Women’s Retirement Goals
You can contribute up to $6,500 per year to an IRA ($7,500 if you’re age 50+), choosing between a Traditional IRA (reduce your taxes now and pay later) or a Roth IRA (contribute after-tax now and withdraw tax-free in retirement).
Roth IRAs are especially valuable for women seeking greater flexibility and tax-free income as you age. Your exact benefits will depend on your current income and future goals, another reason to leverage retirement planning for women with a tailored, step-by-step approach.
Spousal IRAs: Empowering Career Pauses and Family Choices
If you’re not currently earning an income but your spouse is, you can still contribute to your own IRA through a Spousal IRA. This is a game-changing opportunity for women who’ve taken career breaks for caregiving.
As long as your spouse has earned income, you can contribute the annual limit to your own IRA, doubling your household’s retirement savings potential and protecting your individual financial independence.
More Choices, More Control
IRAs offer a wide variety of investments to suit your style—stocks, bonds, mutual funds, and more. By using a blend of Traditional, Roth, or Spousal IRAs, you can diversify your retirement savings across tax strategies and customize your approach as your goals evolve.
Ask a Retirement Plan Consultant for Help
Is a Traditional or Roth IRA best for your needs, or how to coordinate spousal contributions? A retirement plan consultant, like the specialists at Cornerstone Wealth Group, can help you choose the right mix and guide you through the setup, paperwork, and strategy—all in clear language that gives you confidence, not confusion.
Step 5: Use Catch-Up Contributions After Age 50
Supercharge Your Savings with Catch-Up Contributions
Turning 50 presents a unique opportunity for women focused on retirement planning. The IRS lets you make “catch-up contributions,” allowing you to save more each year in your IRA, 401(k), 403(b), or similar plans. This is your chance to fast-track your nest egg during your peak earning years, a golden advantage for women and financial independence.
How Much Can You Save? Know Your Limits!
For 2024, women aged 50 and over can save an extra $1,000 per year in their IRA (raising the limit to $7,500) and an additional $7,500 per year in their 401(k) or 403(b) (up to a total of $30,500). If your company offers a SIMPLE IRA, you can contribute an extra $3,500 over the usual limit.
These increased caps exist to bridge the gap because many women enter their 50s with less saved, often due to career breaks for caregiving, part-time work, or lower earnings earlier in their careers.
Turbocharge Your Retirement Savings
Even if you can’t hit the full catch-up amount, every extra dollar counts—especially with tax-advantaged growth. Start small if needed (add 1–2% to your contributions with every raise) and build up over time.
Consult Retirement Planning Specialists for a Custom Strategy
Wondering how catch-up contributions and participation in this plan fit with your larger financial strategy? Retirement planning specialists at Cornerstone Wealth Group are here to help you map out the most innovative way to maximize your workplace plan and individual retirement accounts.
A retirement plan consultant can show you how these extra contributions can make a real difference in your financial security and long-term independence.
Now is the Time
If you’re 50 or older, don’t wait. These special savings opportunities are a recognition of your unique journey and a tool designed to help you achieve confidence in your next chapter.
Step 6: Invest Strategically for Growth & Balance
The Key to Lifelong Wealth Management
It’s easy to feel uncertain about investing, especially with so much conflicting advice—and for many women, investing has long felt like someone else’s arena. But “women investing” isn’t just a trend; it’s a vital component for financial independence among women and a crucial step in effective wealth management.
Why Growth Matters: Don’t Get Too Conservative Too Soon
A common pitfall in financial planning for women is shifting to ultra-conservative investments too early. Remember, women often live longer than men, so your portfolio needs to last, sometimes for decades in retirement. Allocate some of your savings to investments with growth potential (like stocks and diversified mutual funds), especially if you have years until retirement.
Diversification & Regular Reviews, Building Financial Confidence
Smart investing is about balance. Spread your savings across different types of investments, including stocks, bonds, and other assets, to protect yourself against market fluctuations. Schedule regular portfolio reviews and make adjustments as you approach retirement. This prevents surprises and gives you the confidence to stick with your plan.
The Unique Strengths Women Bring
Research shows women who invest tend to excel thanks to patience, steady contributions, and a long-term perspective. These traits often lead to better results than those who obsess over market timing. Trust in your natural strengths; they are powerful assets!
When to Get Help: Partner with Women-Focused Retirement Planning Specialists
If you’re not sure how to strike the right balance or choose investments, you don’t have to make these decisions alone.
Retirement planning specialists at Cornerstone Wealth Group understand the unique concerns and strengths of women when it comes to investing, and can guide you with strategies tailored to your goals and comfort level.
Step 7: Plan for Healthcare & Long-Term Care
How to Safeguard Your Retirement Savings from Healthcare Surprises
Healthcare can be one of the biggest wildcards in retirement planning for women. On average, a 65-year-old woman should expect to spend about $155,000 on medical expenses in retirement—significantly more than men, due to longer life expectancies and rising out-of-pocket costs.
Leverage HSAs as Your Health “IRA”
If you’re eligible for a Health Savings Account (HSA), prioritize contributions and let those investments grow untouched for as long as possible. HSAs offer triple tax advantages: contributions are tax-deductible, growth is tax-free, and withdrawals for qualified medical expenses are tax-free too.
Aim to use this account as a “health IRA,” allowing your contributions to accumulate so you have a larger safety net for healthcare needs in retirement. You can even use HSA dollars tax-free to pay Medicare premiums, deductibles, prescriptions, and some long-term care costs in retirement.
Build a Long-Term Care Safety Net
Many women will eventually need extended help at home or in a facility, particularly if they’re single, widowed, or outlive their spouse. Long-term care (LTC) insurance can help cover the high economic cost of in-home assistance, assisted living, or nursing home care. These expenses can devastate unprepared households.
If you’re in your 50s or early 60s, premiums are usually more affordable and qualification is easier. Some new policies even combine life and long-term care insurance for extra flexibility. If insurance doesn’t fit your plan, earmark separate savings or investments specifically for care costs.
Know Your Medicare and Supplemental Insurance Options
As you approach 65, review Medicare coverage and consider supplementing with additional insurance to fill “gaps” like dental, vision, hearing, or capped out-of-pocket limits. Women and wealth planning specialists recommend reviewing options regularly, because healthcare costs (especially as you age) can change rapidly.
Consult with a Retirement Plan Consultant
Healthcare planning is complex, but you don't have to navigate it alone. A retirement plan consultant or a team of retirement planning specialists at Cornerstone Wealth Group can help you project future medical costs, identify best-fit insurance and health accounts, and wrap these expenses into your overall wealth management strategy.
A personalized strategy arms you with the confidence to face whatever comes your way, without sacrificing your financial independence.
Step 8: Seek Financial Education, Support & Professional Guidance
Women’s Financial Advice: Never Go It Alone in Retirement Planning
The journey to a secure retirement has numerous benefits and is not a solo trek, especially for women managing complex family, career, or life transitions. Seeking financial education and support is one of the smartest steps you can take toward building women’s financial independence and confidence.
Start with Trusted Financial Education
There are countless resources and opportunities to boost your knowledge, from financial books for women to online courses and local workshops. The more you learn, the more empowered you become to ask great questions, spot opportunities, and avoid common pitfalls on your path to financial independence for women.
Build Your Team: Enlist a Retirement Plan Consultant
A fiduciary advisor or retirement plan consultant who specializes in financial planning for women will personalize guidance for your unique goals. They can help you:
● Clarify priorities
● Navigate life transitions like divorce, widowhood, or re-entering the workforce
Retirement planning specialists can be a sounding board, a teacher, and a champion for your best interests.
“I understand firsthand how overwhelming managing family finances can feel—but I also know the tremendous strength that comes from taking control. My greatest passion is helping women build confidence, trust their instincts, and create a financial future they can be proud of. No matter your starting point, I’ll walk with you every step of the way.”
— Kara Kunz, CFP®, Wealth Advisor
When Life Shifts, Get Financial Help
Major life changes, such as becoming newly single, caring for aging parents, or adjusting to a blended family, can have a huge impact on your finances. Don’t hesitate to seek financial help and resources for newly divorced women or anyone experiencing a transition. Support from an experienced advisor can help you move forward with clarity and courage.
Conclusion: Every Step Brings You More Confidence
Celebrate Progress and Discover Your Financial Voice
Every step you take, whether paying down debt, growing your savings, or simply learning something new, moves you closer to becoming a financially independent woman. Progress matters more than perfection. Retirement planning for women is a journey, and every small action adds up to real, lasting change.
Download Your Guide to Financial Planning for Women
Ready to build new confidence and clarity? Download our free e-book, Discover Your Financial Voice: A Guide to Financial Planning for Women, designed just for your life, goals, and unique journey.
Whether you're new to managing family finances or looking to enhance your financial literacy, this guide offers a comprehensive roadmap. Inside, you'll find practical tools and strategies to set and achieve meaningful financial goals, build personalized plans, and conduct regular financial reviews that are all tailored specifically for women and family-focused wealth management.
Connect with a Financial Advisor Who Understands Women’s Needs
Sometimes, the most significant growth happens when you seek expert support. Schedule a consultation with Kara Kunz, a financial advisor who specializes in serving women and understands the unique stages of women’s financial lives.
Kara is passionate about walking alongside you, providing guidance you can trust, and helping you turn uncertainty into confidence, no matter where you’re starting.
This is for informational purposes only and does not serve as personal advice. Please speak to a qualified representative regarding your unique circumstances. Links within this blog are not associated to Cornerstone Wealth and are subject to change. Hyperlinks will take you to a third-party website whose content Cornerstone Wealth does not control. Investment advisory services offered through Cornerstone Wealth Group, LLC dba Cornerstone Wealth, an SEC registered investment adviser.
