Women Over 50: 6 Key Retirement Considerations

If you’re a woman in your 50s or 60s, you’ve likely faced plenty of life’s storms, changes, and all the twists that come with careers and relationships. But retirement, with all its nuances, often brings a unique set of challenges and opportunities, especially when it comes to financial security. And because women live longer on average, a thoughtful financial plan becomes even more important to ensure that those extra years are fulfilling, not stressful.

Here are some key factors to consider and a few strategies to help women over 50 confidently approach their financial futures.

1. Understanding the Impact of Longevity on Finances

Living longer means potentially facing a few hurdles in retirement planning. First, if you’re married, you may outlive your spouse, leading to a reduction in household income once Social Security benefits shift. A woman filing as a single person after her spouse’s passing will likely see a higher tax burden and a lower standard deduction—a frustrating reality sometimes referred to as the “Widow’s Tax Trap.”

Additionally, if a spouse passes away, a woman inherits his 401(k)s and takes Required Minimum Distributions (RMDs) on them, yet is taxed as a single filer with fewer deductions—another reminder of the tax challenges women can face.

If your spouse needs long-term care, you could find yourself as the primary caregiver, facing physical, emotional, and financial strain. Without long-term care insurance, many women may delay or avoid spending their retirement savings, fearing they won’t have enough left for themselves. Taking proactive steps now can lessen that burden later.

 2. Financial Empowerment: Learning About Your Finances

For some, money was a “taboo” subject growing up, and conversations about finances might not have been common. As a result, many women feel unprepared or uneducated about their finances, especially if a spouse was previously handling them. If this sounds familiar, now’s the time to dive in and take control. Begin by understanding the basics: know where accounts are held, how they’re accessed, and what they’re worth.

Get comfortable asking questions, whether it’s with your spouse, financial institutions, or a trusted financial professional. Attending meetings, knowing passwords, and reviewing accounts will bring you the clarity and confidence you need. Not knowing about your finances is one of the biggest threats to security in retirement—so make this a top priority.

 3. Letting Go of Financial Self-Judgment

Many women feel they “should” have better control over their finances, as if it’s a skill they missed learning along the way. But the truth is, financial planning is complex and deeply personal, with emotions tied to money due to its impact on personal security, health, and family. Letting go of these “shoulds” can be incredibly freeing and can help you realign your financial decisions to match your own values and priorities.

 4. Finding Financial Opportunities Unique to This Stage of Life

Reaching 50 often brings clarity—on what matters, on what no longer serves you, and on how you want to direct your finances moving forward. Retirement is an opportunity to reimagine how you spend, earn, save, and gift your money. Take this time to ensure that every dollar is aligned with your values and is contributing to your goals.

 5. Investing with Purpose and Individuality

Investing over 50 should be like dressing for yourself: it’s personal! Your investment strategy should fit your life, whether you’re ramping up earnings or shifting to a new chapter with fewer financial obligations. The key is to determine how much to allocate to short-term needs versus long-term goals. Consider working with a professional who can help ensure your strategy reflects your timeline and priorities.

 6. Financial Planning: A Holistic Approach

Think of money as a tool to help you live a life in line with what you value most. Financial planning should encompass all aspects of your life, not just investments. A good financial planner will consider your entire financial picture—family, health, and future goals. And remember, money is emotional! Recognize your feelings, and don’t hesitate to discuss them alongside the numbers with your financial professional.

Retirement can be an incredible time of life—filled with possibilities, passion projects, and, most importantly, security. With a bit of education, empowerment, and planning, you’ll be ready to make it one of your best chapters yet.