“While women have made a lot of progress with their financial security, they can also face unique challenges compared to men,” says Anna Edelstein, Financial Planning Supervisor at Member Benefits. “It usually means they have to plan well and save more to achieve their retirement goals.”
Here are a few things woman may face as they work to build their retirement savings.
Longer life expectancy. The Society of Actuaries estimates that the average 65-year-old woman has a 66% chance of living an additional 20 years, and a 45% chance of living past 90 years old. That can add up to 30 years or more in retirement. Further, women are more likely to deal with chronic illness than men as they age, which can greatly impact their retirement finances.
Earning less. While strides have been made regarding equal pay, women are not always paid as much as men in the same fields and positions. According to the Census Bureau, women working full time, year-round, now earn 81 cents for every dollar men earn. That’s down from 2025 and 2024.
Work interruptions. Women are more likely to take time out of working to care for children or parents, meaning less earnings over time.
Conservative investing. Women are more likely to gravitate toward more conservative investments than men. Being too conservative early on in your career may result in lower earnings over time. There is also the risk that the rate of inflation will outpace the rate of return on your investments.
Some quick tips for women to consider include:
- If partnered, be an active participant in all financial matters. Stay involved and informed about both your short- and long-term finances.
- As a public school employee, you have WRS, but it’s important to add personal savings with a 403(b) and/or IRA account. Take advantage of catch-up limits in your 50s and 60s. Learn more about contribution limits.
- Save for retirement before saving for college. Parents want to help their kids, but there are loans available to pay for school. There are no loans or scholarships for retirement.
It goes without saying that any big decisions should be made with care, but there may be no greater decisions to make right now than about your financial future. “This is where your partnership with Member Benefits can help. We offer an array of financial planning services to help you make informed decisions, no matter where you are in your career and life. Contact us to learn what your options are. We can help you build a solid financial plan.”