Why women, especially, should have a solid retirement plan

Originally published: November 10, 2023

Updated: August 11, 2026

While getting an early start on retirement planning is important for both men and women alike, women tend to face some unique challenges in life that make it even more urgent. Moreover, if you're a woman who feels behind in retirement planning to begin with, the disparities can be even larger.

According to BLS Report 1092, “Women in the Labor Force: A Databook” (2022), women comprise almost half of the workforce (https://www.bls.gov/opub/reports/womens-databook/2022/home.htm). Women also control roughly one-third of total U.S. household financial assets, according to McKinsey (https://www.mckinsey.com/featured-insights/week-in-charts/women-control-only-a-third-of-household-financial-assets-in-the-united-states-for-now). Yet, many women end up with lower lifetime incomes and therefore lower social security benefits upon retirement. This could be for a variety of reasons, but one of which is the gap in wages earned by men versus women. Due to potential gender inequalities in wages, women may have less to set aside for a retirement nest egg.

Another contributing factor, and likely the largest one, is women taking time away from the workforce to care for children, spouses, or other family members. According to AARP's 2025 Caregiving in the U.S. report, 63 million Americans — nearly 1 in 4 adults — provided unpaid care to a family member or close friend in the past year (https://www.aarp.org/press/releases/2025-07-24-new-report-reveals-crisis-point-for-americas-63-million-family-caregivers.html), and the majority of caregivers are typically women. Providing care to another person, if unpaid, takes time away from a job or other income-earning source. This results in billions of dollars of unpaid care being provided each year, and again puts women farther behind in saving for the future.

Another factor that can affect retirement planning is unexpected financial events or emergencies, such as having a spouse or partner pass away. The CDC reports that women tend to have a longer average life expectancy than men (81.4 years versus 76.5 years, according to the most current 2024 data: https://www.cdc.gov/nchs/products/databriefs/db548.htm), which means women are more likely to be widowed and must therefore deal with the physical, emotional and financial implications of their spouse's death. Life events like this can also drain one's retirement savings if there is no cushion or emergency fund to cover potential medical expenses and funeral costs.

So, what can you do to feel more confident about retirement planning? Whether you have a solid retirement plan, or no plan at all, it can be beneficial to seek the help of a financial professional, such as Summerlin Benefits Consulting, Inc. Our team of experts offer educational seminars geared towards understanding different retirement strategies, as well as complimentary, no-obligation financial reviews. Regardless of where you are in your journey, we can provide simple, easy to understand options to help you define and/or meet your retirement goals. Don't spend another minute feeling behind!

Important Tax and Legal Information

Note: This content is for informational purposes only and does not constitute tax or legal advice. Summerlin Benefits Consulting does not provide social security, specific advice related to taxes, or legal advice. Consult a tax/legal professional for guidance with your individual situation.