Retirement planning is important for everyone—but when it comes to financial preparedness, women often face a steeper hill to climb. The path to a secure retirement can look different for women due to several factors, including differences in income, time in the workforce, and lifespan. That’s why it’s especially important for women to create retirement plans designed to meet their unique needs.

At Mirus Financial Partners, we believe in creating personalized strategies that reflect each individual’s circumstances—and we’re here to help women feel more confident about their financial future.

Why Retirement Planning Can Be More Complex for Women

While every individual’s situation is different, certain patterns affect many women when it comes to financial planning:

• Women tend to live longer than men.
  Statistically, women have a longer life expectancy. That means retirement savings need to stretch further, covering additional years of living expenses, healthcare, and long-term care if needed.
• Women typically earn less over their lifetimes.
  Although the wage gap has narrowed over time, women still earn less on average than men. Lower earnings can make it harder to contribute as much to retirement accounts and reduce the benefits received from programs like Social Security.
• Many women spend fewer total years in the workforce.
  Women are more likely to take breaks from their careers to care for children or aging relatives. These pauses can affect career advancement and limit access to employer-sponsored retirement benefits.
• Social Security benefits are often lower.
  Because Social Security payments are based on lifetime earnings, time out of the workforce and lower wages typically translate to smaller monthly checks during retirement. Yet for many women, Social Security plays a key role in their retirement income.

Steps Women Can Take Toward Retirement Security

Here are a few strategies that might help women close the gap and build a strong foundation for retirement:

1. Understand Your Investment Options
Different types of investments come with different levels of risk and potential return. Stocks, for example, tend to offer higher growth over time, but they also carry more short-term volatility. Bonds and savings vehicles are generally more stable but may not keep pace with inflation. Finding the right mix depends on your goals and comfort level.

2. Take Advantage of Employer Retirement Plans
If a 401(k) or similar plan is available through your job, contribute as much as you comfortably can—especially if there’s an employer match. That match is essentially free money that could boost your long-term savings.

3. Educate Yourself on Retirement Resources
From IRAs to annuities to health savings accounts, there are several tools available to help you prepare for retirement. Learning about these options might help you make informed decisions and avoid missed opportunities.

4. Find Financial Education in Your Community
Check out local seminars, workshops, or online webinars that focus on retirement planning or personal finance. Many community colleges and women’s groups offer free or low-cost sessions to help build financial literacy.

5. Work with a Financial Advisor Who Understands Your Goals
Partnering with an advisor can take the guesswork out of financial planning. At Mirus Financial Partners, we help women in Lancaster and beyond build clear, customized plans that support their vision for retirement—whatever that may look like.

Let’s Start Planning Together
Whether you’re just starting to save or looking to refine your current retirement strategy, Mirus Financial Partners is ready to help. Contact Mark Vergenes to talk about what matters most to you—and build a plan that could give you confidence about your financial future.

Sources:

1. U.S. Bureau of Labor Statistics, Women in the Labor Force: A Databook, April 2023
2. Social Security Administration, Social Security Is Important to Women, September 2023

Disclaimer:
This content is for informational purposes only and is not intended as legal or tax advice. Consult a qualified advisor regarding your specific circumstances.