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What Women Really Want in Retirement Thumbnail

What Women Really Want in Retirement

By Angela Dorsey

As in many facets of life, women face unique challenges when it comes to retirement—challenges that, on average, men simply don’t have to manage. For example, even though women today are better educated and have more career opportunities than ever before, (1) they consistently earn less than men. (2) This wage inequality can make saving for retirement a bigger mountain to climb for many women.

It’s also no secret that women are more likely to live longer than men, (3) which means they need to plan to save enough money to last them for more years—perhaps even decades—in retirement. The difficulty of having to fund more years in retirement coupled with wage inequality makes it clear that women’s anxieties about retirement are warranted.

Despite these hurdles and worries, we believe that women can still achieve the secure, fulfilling retirement they’re dreaming of. Today we will describe the top three goals our female clients have for retirement—and recommendations for how you can achieve them. 

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, (4) 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

Walking any path alone can feel daunting, so it’s important to remember that you don’t have to navigate your retirement journey alone. We at Dorsey Wealth Management would be honored to partner with you and guide you through the challenges as you prepare for this major milestone. Let’s start taking steps today to make sure you’re financially, emotionally, and mentally prepared. You can reach us at (310) 370-7776 or angela@dorseywealth.com to see if we are the right fit to help you secure your financial future and plan for a fulfilling, anxiety-free retirement. 

About Angela

Angela Dorsey is the founder and fiduciary financial advisor at Dorsey Wealth Management, a fee-only financial planning firm based in Torrance, California, helping successful women and couples prepare for retirement. Angela earned a BS in computer science from Loyola Marymount University, an MBA from UCLA Anderson School of Management, and spent 20 years as a Senior Compensation Specialist in large corporations before becoming a Certified Financial Planner™ (CFP®) and a Registered Investment Advisor (RIA). That background gave her the tools to couple with her passion for empowering women to make the best financial decisions possible. Angela lives in Torrance, California, with her husband and two children. She enjoys spending time at the beach or surrounded by nature. To learn more about Angela, connect with her on LinkedIn.


(1) https://www.pewresearch.org/fact-tank/2018/03/16/how-millennials-compare-with-their-grandparents/ 

(2) https://www.businessinsider.com/gender-wage-pay-gap-charts-2017-3#the-gender-wage-gap-varies-widely-by-state-2 

(3) https://www.cdc.gov/nchs/data/vsrr/VSRR10-508.pdf 

(4) https://www.transamericacenter.org/docs/default-source/women-and-retirement/tcrs2019_sr_women_and_retirement_research_report.pdf