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Financial Center for Women

3 Barriers to Retirement and How You Can Combat Them

3 Barriers to Retirement and How You Can Combat Them 


We don’t know one woman who doesn’t want financial success.  


That’s the dream, right? 


Bills are paid. Check. 


There is income coming in. Check. 


You have plenty of money saved up for retirement. Not yet? That’s okay.  


Don’t be discouraged if you haven’t been able to set up the retirement fund you’ve always dreamed of or if you’re still working on it.  


There are a few barriers women must overcome when planning for retirement, but it’s not impossible for you to have the retirement you desire.  


But before we share some ways you can prepare for retirement, let’s talk about the barriers women tend to face when retirement planning and saving.  


Women Still Earn a Wage Less Than Their Male Counterparts 


According to, for every dollar that a man earned in the workplace in 2018, women only earned 81.6 cents. Also, says, “At the current rate, it will take until 2059 for women to achieve equal pay.” 


This doesn’t mean you can’t save anything for retirement. It just puts women at a slight disadvantage to having more money to set aside for retirement when economic equality is still lacking.  


Women Live Longer Than Men  


According to Statista, the average life expectancy for a man is 77 years old and 81 years old for a woman.  


How can living longer be a barrier to retirement? That’s great news, right? 


While having a long life is not a bad thing, it still means that you’ll need to have enough money saved up to cover a longer retirement for the years you’re here. Are you prepared for a retirement that could last for 20 years or more? 


A 20+ year retirement is not impossible, but extra careful planning and saving will need to be done to give yourself a little safety net and security.  


Women Are Caregivers 


We can’t help it.  


When family and children need care, we do what it takes to ensure their well-being.  


Because women are more likely to care for their family, caregiving decreases the time women can work and earn money. If a woman is somehow able to be a caregiver and work, her personal and caregiving financial obligations may still hinder her ability to adequately save for retirement.  


So, that brings us to our next point. How do you prepare for retirement despite barriers such as these?  


How to Combat Barriers and Prepare for Retirement  


While we can’t change the gender pay gap or caregiving responsibilities, we can help you with specialized financial planning, confidence, and resources as you navigate through retirement challenges. 


One of the best things you can do right now if you haven’t already done so is to start saving now. If you have been saving money, keep going!  


Don’t be discouraged by pay differences with male counterparts. Don’t feel bad for any caregiving responsibilities that limited your ability to work enough to save money.  


If you’ve had to use some of your retirement savings or if you haven’t had a chance to set anything aside, don’t beat yourself up. Just start saving whatever you can now! 


Don’t hesitate to consult with a professional in finance. We’re here to help you! Having a professional around can help you to better plan and better develop ideas to help you with your retirement goals.  


If you’re working right now, try to match whatever your company is willing to match for your retirement savings. If you’re working but are not able to receive company benefits such as this, keep setting aside whatever you can when you can.  


Make sure you also have a backup plan for your health needs now and in the future. Be prepared in the event you may need care that isn’t covered by your current healthcare plan such as Medicare if you have Medicare. You don’t want to have to use your retirement savings for unexpected and uncovered health-related costs.  


People are encouraged to work as long as they can even past the retirement age. In doing so, you will earn more money (about 8% more each year) that you don’t touch your retirement savings.  


In the meantime, we encourage you to maintain a budget that lists all your expenses. This will help you to keep track of where your money is going and how much you have left to work with for other expenses.  


Please know that we are retirement planning specialists.  


Understanding your financial situation can be complex and stressful. Knowing where you stand and what you need to do to move forward can give you the confidence you need.  


If you would like to discuss your retirement goals, feel free to contact us!