The Ultimate Top 10 Checklist for Women’s Retirement Planning
The Ultimate Top 10 Checklist for Women’s Retirement Planning
Discover the ultimate top 10 checklist for women’s retirement planning. From defining goals to maximizing savings, this guide provides essential steps to secure your financial future and achieve the retirement you dream of.
Femwealth Team
18 Feb 2025
Retirement planning can feel overwhelming, but it’s the key to securing your future and living the life you dream of. Whether you’re just getting started or refining your plan, here’s a simple yet essential checklist to guide you through the process.
- Determine your retirement goals.
- Estimate your retirement expenses.
- Calculate your retirement income.
- Identify and close any gaps between retirement income and expenses.
- Create a smart savings plan.
- Maximize contributions to retirement accounts.
- Consider working with a financial advisor.
- Review and adjust your plan regularly.
- Consider long-term care insurance.
- Stay informed about changes in laws and regulations.
Start by visualizing your ideal retirement. Picture yourself at your desired retirement age—where are you living? Are you traveling the world, enjoying hobbies, or spending time with family? Defining these details will help you create a financial plan that supports your vision. For example, if you plan to retire at 65 and want to travel extensively, you may need more money than someone who plans to retire at 70 and stay close to home.
Consider all potential expenses, such as housing, healthcare, food, travel, and hobbies. If traveling the world is part of your retirement dream, allocate a budget for yearly trips. If you plan to downsize, include moving costs and potential changes in living expenses in your plan.
Identify all income sources, such as Social Security, pensions, investments, and rental income. Knowing what’s coming in will help you understand how much more you need to save. For example, if you expect to receive $1,500 per month from Social Security and $500 per month from a pension plan, your total monthly income would be $2,000.
If your projected income falls short of your estimated expenses, you'll need to find ways to close the gap. You might need to increase savings, invest more aggressively, or explore passive income opportunities. For example, if your expected monthly expenses are $3,000 and your expected monthly income is $2,000, you’ll need to find a way to bridge the $1,000 gap.
Create a savings plan that will help you achieve your retirement goals. Consider factors such as the amount of time you have until retirement and the amount of risk you’re willing to take. For example, if you’re 30 years old and plan to retire at 65, you have 35 years until retirement. You may want to consider investing in stocks or other high-risk investments that have the potential for higher returns over the long term.
Take full advantage of tax-advantaged accounts like 401(k)s, IRAs, and HSAs. If your employer offers a 401(k) match, contribute at least enough to get the full match—it’s free money!
A trusted financial advisor can help tailor a plan to your needs, ensuring you're on track to meet your retirement goals.
Review and adjust your retirement plan regularly as circumstances change. This includes changes in income or expenses or changes in investment performance. Some of us do experience a significant life event such as a divorce or job loss, in which case you may need to adjust your retirement plan accordingly.
Healthcare costs can be one of the biggest expenses in retirement. Long-term care insurance can help cover costs if you ever need assisted living or in-home care.
Tax laws and retirement rules change over time. Keep yourself updated to make informed decisions about contributions, withdrawals, and benefits.
Remember that everyone’s financial situation is unique. It’s important to create a retirement plan that’s tailored to your individual needs. Your retirement should be a time of joy and freedom, not financial stress. By following this checklist, you’ll be better prepared to enjoy the future you deserve. Start planning today—your future self will thank you!
Subscribe to She Invests
A weekly newsletter filled with money tips & insights, curated for women.
Related posts
Goal-based investing is a powerful strategy that empowers anyone, regardless of income level, to take control of their financial future. This article breaks down the concepts and highlights the benefits. It also provides a clear roadmap to get started, including defining goals, calculating targets, and choosing suitable investments.
Learn how to save money effectively! Explore practical strategies to build healthy saving habits. Discover how to create a budget, set SMART goals, manage spending wisely, and achieve your financial goals. Building a healthy savings habit is your key to unlocking financial freedom.