Retirement planning for women in their 60s isn’t just about numbers on a spreadsheet. It’s about cultivating a life of financial confidence, peace of mind, and a sense of purpose that reflects the unique experiences women face—such as longer life expectancy, career interruptions, and wage gaps. Whether you’re single, divorced, remarried, or widowed, this is your time to take the lead.
Why Is Retirement Planning Different for Women?
Women often live longer than men and still earn about 84 cents for every dollar earned by men. By age 60, women represent 55% of Social Security beneficiaries—a figure that continues to grow. Divorce rates also climb sharply between ages 55 and 64, adding complexity to retirement finances. Too often, women overlook the details of their household’s financial picture, leaving them vulnerable to surprises. If you find yourself single or navigating a major life change, the financial and legal challenges can feel daunting.
At 3 Financial Group, we understand these unique factors. Here’s a 10-point checklist to help you nurture your financial future with confidence and clarity:
1. Define Your Retirement Timeline
Think carefully about when you want to retire and what that transition looks like. Too many women wait until the last moment to think about the logistics. Set your vision now—taking into account your health, energy level, career satisfaction, and personal dreams.
2. Maximize Retirement Contributions While You Can
Your 60s are often your highest-earning years—and the IRS allows generous catch-up contributions. For 2025, those 50 and older can contribute an extra $7,500 to a 401(k) and $1,000 to an IRA. If you’re between 60-63, consider the new “super 401(k) catch-up.” Every extra dollar invested now is like a seed that will be ready to blossom in retirement.
3. Evaluate Your Social Security Strategy
Social Security is a key source of income for many women, especially those who are single. Check your earnings history and explore your options online. Divorced or widowed? You may qualify for spousal benefits. Making informed choices here can yield more fruit for your future.
4. Refresh Your Estate Plan Estate planning is more than dividing assets—it’s about protecting your wishes and your loved ones. At 3 Financial Group, we can seamlessly integrate estate planning into your financial plan through our sister firm, 3FG Law. From wills and trusts to powers of attorney and beneficiary designations, we help ensure every piece fits together so your plan reflects your needs, values, and the future you envision.
5. Consolidate Old Retirement Accounts
After years of working, many women have multiple retirement accounts scattered across different institutions. Simplify by consolidating accounts to reduce fees, ease management, and prepare for required minimum distributions at age 73. A single, well-organized plan helps you nurture your nest egg more effectively.
6. Downsize Thoughtfully
If your home has become too large or costly, consider downsizing. This can free up resources for travel, hobbies, or healthcare while providing a simpler, more accessible living environment. Harvesting the equity from a high-value home in Hawaii can help fund your later years with more flexibility.
7. Review Your Investment Risk
As retirement approaches, shift your focus from aggressive growth to stability and income. Rebalance your portfolio to align with your new goals and time horizon. Like adjusting the fertilizer mix in a garden, fine-tuning your investments keeps everything growing in harmony.
8. Understand Debt and Financial Independence
Blended families, new relationships, or even long-term partnerships without marriage can introduce financial entanglements that become problematic if not addressed early. One woman’s story of discovering her new husband’s tax debts—after they married—cost her $50,000 and years of stress.
Keeping some financial independence, even in committed relationships, can be a smart form of protection. Don’t leave financial matters for your spouse or partner to handle without being involved at all. Familiarize yourself with everything – all property, all accounts, all debts—and be a part of all financial and legal decisions. We can help you understand how to structure your finances to protect your interests.
9. Plan for Long-Term Care and Health
Retirement is a journey with evolving needs. Think ahead about healthcare, caregiving, and where you want to live. Consider long-term care insurance and Medicaid strategies. Early planning lets you navigate these transitions with confidence.
10. Build Your Financial Support Team
You shouldn’t have to tackle retirement alone. The most successful transitions involve a collaborative team—typically a financial planner, an accountant, and an estate planning lawyer. These professionals work together to ensure your savings, taxes, and legal affairs are fully aligned. We take a holistic and down-to-earth approach, creating lifetime relationships with clients and ensuring their financial and estate plans are not only well-crafted, but well-maintained as life changes. Ready to Take the Next Step?
Retirement planning doesn’t have to be overwhelming. With the right guidance and a clear plan, you can step into this next chapter with confidence and peace of mind. At 3 Financial Group, we’re honored to support accomplished women like you in building the future you’ve worked so hard to create. Let’s work together to nurture a retirement plan that reflects your dreams and values—so you can truly flourish. Contact us today!
