Women face a distinct disadvantage when it comes to retirement wealth. Despite outliving men on average, women tend to retire with significantly less in savings. According to a 2022 report by the Transamerica Center for Retirement Studies, the median retirement savings for women is just $57,000 compared to $118,000 for men (Transamerica Institute). That gap isn’t just a number—it’s a wake-up call.

“A man is not a financial plan.” This popular quote reminds us that financial independence isn’t optional; it’s essential. The root causes of the wealth gap are complex: wage disparities, time taken off for caregiving, longer life expectancies, and fewer years in the workforce all contribute. But women can take control of their financial future at any age.

Step 1: Know Your Numbers

Understanding your current financial situation is the first step. How much have you saved? What are your projected expenses in retirement? Tools likeNewRetirement orPersonal Capital can help you assess your financial picture. The sooner you start planning, the more options you have to course correct.

Step 2: Maximize Contributions

If you’re working, contribute as much as you can to retirement accounts like 401(k)s or IRAs. If your employer offers a match, take full advantage. Women often contribute less to these accounts than men, but that gap can be closed with consistent effort. If you’re over 50, catch-up contributions can help you add even more.

Step 3: Learn to Invest

Many women shy away from investing, thinking it’s too risky or complicated. But avoiding the market can mean missing out on long-term growth. Platforms likeEllevest, designed by women for women, can make investing accessible. And remember, compound interest is your friend—even small amounts invested early can grow substantially over time.

Step 4: Reimagine Career Planning

Because caregiving responsibilities often fall on women, flexible or part-time work can interrupt long-term savings. Consider how to stay connected to the workforce or pivot to work that offers benefits and retirement plans. Upskilling through platforms likeCoursera orLinkedIn Learning can boost earning potential and keep your resume current.

Step 5: Talk About It

Women are less likely than men to discuss money with peers or mentors. But transparency breeds empowerment. Join forums, financial literacy groups, or mentorship networks likeSavvy Ladies, which offer free advice and support.

Action Step: Schedule a “money date” with yourself this week. Review your accounts, set a financial goal, and identify one area where you can make a change—whether it’s increasing your savings rate or learning a new financial concept.

The Power of Planning

Retirement planning isn’t just about money. It’s about designing a future where you feel secure, independent, and fulfilled. A study by the Employee Benefit Research Institute found that women who engage in long-term planning report significantly higher confidence in their ability to retire comfortably (EBRI).

“The best time to plant a tree was 20 years ago. The second-best time is now.”

There is no one-size-fits-all approach. Whether you’re in your 30s and just starting, in your 50s with gaps to fill, or in your 60s looking to maximize what you have, it’s never too late to create a strategy.

Tools to Explore:

• Fidelity’s Women Talk Money
• SmartHer
• TIAA Retirement Calculators

Financial freedom for women isn’t just about closing a gap—it’s about rewriting the story entirely. You have the power to change your financial future, and every step counts.

How are you actively planning for your financial independence and long-term wealth? Join the conversation in ourforum and share your journey or tips with others in the community.