By Jeremy Wallace and Andrew Hart
Although we’ve made great strides toward gender equality in recent years, women continue to face unique challenges that men (on average) simply don’t have to overcome. This is particularly true when it comes to retirement. Even though today’s women are better educated and have more career opportunities than ever before, (1) they still consistently earn less than men. (2) And this wage inequality can make saving for retirement a bigger mountain to climb for many women.
It’s also common knowledge that women are more likely to live longer than men, (3) which means their retirement plans must include saving enough money to last for more years—perhaps even decades—in retirement (which also means higher healthcare costs). (4) Factoring in the difficulty of having to fund more years in retirement along with wage inequality, women’s worries about retirement are understandable!
Despite these obstacles, we strongly believe that women can still achieve the secure, fulfilling retirement they’re hoping for and working toward. Let’s take a look at the top three retirement goals our female clients have—and recommendations for how to make them a reality.
1. Financial Security
Because of the specific difficulties women face in saving enough for retirement, we understand that most women’s priority for their golden years is to feel secure about their finances. After working hard for decades, you want to know that your retirement savings aren’t going to run out in your lifetime.
Accordingly, we help women strategize the best ways to save more for retirement as well as investment allocations to generate long-term income. A comprehensive retirement plan that accounts for a variety of possibilities (such as the need for long-term care or increased medical expenses) can help you sleep easier knowing your financial needs will be taken care of.
2. A Trusted Financial Advocate
Because many women must prepare to spend at least some of their retirement alone, we understand that it’s important to develop a relationship with a trusted financial advocate. A financial advocate will be there to help evaluate the best options to reach your financial goals and navigate new scenarios as you experience life’s changes.
Although you may feel overwhelmed or concerned about your long-term security, we believe that women can still achieve the retirement they envision with the right knowledge and strategies. A trusted financial advocate may be the missing piece you need to help you get there. With the right financial partner, you’ll know you have someone you can go to with all your financial questions down the road—no matter how big or small.
3. A Strong Community
Of course, retirement isn’t just about having enough money in the bank to quit work. It’s a time to relax, learn more about yourself, and begin a new chapter in life (a chapter that could last 20-30 years). But many women fear loneliness and aimlessness in retirement. Once retired, it can be difficult to replace the connections that came easily during your working years.
Retirement can be a difficult transition for even the most independent of women. The good news is, surveys tell us that the majority of women dream of an active retirement, (5) which provides ample opportunities to develop strong connections with others. Whether you plan to travel the world, spend more time with family and friends, pursue hobbies, or volunteer in your community, there are plenty of ways to surround yourself with like-minded people no matter your budget.
To get the most out of your golden years, we recommend making connections either through social media groups or community groups so you have people to call on when times get tough. With a strong community, you can ensure your retirement years are some of the best and most vibrant years of your life.
We’re Here to Help
We understand that sometimes life’s hurdles can feel insurmountable. But remember that you’re not alone. We at Wallace Hart Capital Management would be honored to partner with you on your journey to retirement and beyond. Let’s start taking steps today to make sure you’re financially, emotionally, and mentally prepared for this pivotal milestone. To get started, contact us at 859.300.3030 or request an appointment online, and let’s see if we are the right fit to help you secure your financial future and plan for a fulfilling, anxiety-free retirement.
Jeremy Wallace is founder and chief investment officer at Wallace Hart Capital Management, an independent financial services firm committed to offering comprehensive advice and customized services. Jeremy has 20 years of experience in the financial industry and is passionate about helping clients preserve and enhance their wealth so they can pursue their passions. Jeremy graduated from Emory University with a degree in international economics and a certificate in financial planning. Outside of the office, Jeremy spends most of his free time with his wife, Julie, and their three children, Isabel, Lincoln, and Reid. He is an avid Chicago Cubs baseball fan, and he enjoys golfing with his wife and traveling with his family. Learn more about Jeremy by connecting with him on LinkedIn.
Andrew Hart is co-founder and chief planning strategist at Wallace Hart Capital Management, an independent financial services firm committed to offering comprehensive advice and customized services. Andrew has 15 years of experience in the financial industry and strives to provide new and better strategies and processes to improve his clients’ lives. Andrew graduated from Wittenberg University with a bachelor’s degree in business management and holds a certificate in financial planning from Georgetown University and the CERTIFIED FINANCIAL PLANNER™ (CFP®) designation. When he’s not working, you can find him enjoying the city of Lexington, Kentucky, teaching at the University of Kentucky’s Financial Planning program, and spending time with his wife, Susan, twin sons, George and Ted, and daughters, Merritt and Philippa. To learn more about Andrew, connect with him on LinkedIn.