Retirement Read Time: 4 min

3 Retirement myths for women

The number of men and women in the United States appears to be approximately equal . . . at first glance. Women walk a different path than men, and a much longer one. After the age of 40, women outnumber men in every age cohort. At age 65, there are twice as many women as men.1

Women also identify as less financially and emotionally confidence than men. 2 Part of this is may be due to a lack of financial literacy. But, it also has to do with the fact that women tend to be more likely to act as family caregivers in addition to their full-time work. This can affect income.

There are model behaviors that women can follow to help put them on their own path to prosperity. It’s also a good idea to start by busting a few common myths.

Myth #1: Retirement will rekindle the romance

Now that the kids have moved out and you and your spouse have retired, there’s more time to rediscover your relationship. Without the duties and responsibilities of work and raising a family, you’ll enjoy spending more time together.

In reality, many spouses struggle with rekindling their relationship once they begin retirement. It’s a balancing act that requires a shared commitment to defining your new lifestyle . . . and a lot of patience. Communication and planning are the keys to overcoming relationship challenges throughout retirement. Many retirement professionals share a popular adage: Most people put more time into planning a two-week vacation than they do planning for retirement. Your retirement planning should extend beyond financial matters to include your relationships, too.

Myth #2: My spouse’s benefits are enough to cover my retirement.

Even if you earned your own retirement benefits, it’s critical to understand what resources and assets are available to you as the beneficiary of your spouse’s retirement and pension plans. Women on average earn approximately $0.82 for every $1 earned by men,3 which generates a significant lifetime income gap — and less potential savings. Moreover, according to the Women’s Institute for a Secure Retirement (, female retirees tend to receive only half of the average pension benefits that men receive. Women are already at a savings disadvantage, and if you never worked, you may be even more dependent upon your spouse’s retirement plans.

The assumption that your benefits as a widowed beneficiary will be the same as when your spouse was living is too risky. If your spouse passes away, many pensions may only pay half of the original benefit. Many retirement programs, even those administered by the Department of Defense (the Survivor Benefit Plan (SBP), Reserve Component Survivor Benefit Plan (RC-SBP), and Retired Serviceman’s Family Protection Plan (RSFPP)) require special enrollment for spouses and beneficiaries who expect to receive benefits after the primary policyholder’s passing. It’s essential to review your spouse’s policies carefully and to account for missing income gaps.

Myth #3: Saving for 20 years in retirement is enough

Women live longer than men, so the chances of them outliving their savings are much higher, too. The U.S. Census Bureau’s 2020 Data Book reports the average life expectancy is 77.3 years for men and 82.0 years for women. According to the U.S Census Bureau, women who reach age 65 today can expect to live, on average, until age 89.4.4 Retirement planning needs to take on a longer time horizon than 20 years. Depending on your age of retirement, you may spend 30 years or more in this phase of your life.

Longer life expectancy creates different needs throughout retirement too. Adequate coverage for long term care is a major concern for women. According to the US Department of Health and Human Services, on average, women need long term care longer than men — 3.7 years versus 2.2 years. Services are used for an average of 3 years, and 20 percent of people will need care for 5 years or longer.5 Medicare will not pay for Activities of Daily Living (ADL), which make up the largest portion of long-term care services. Also, about 44 percent of older women age 75+ live alone.6

Women can build a strategic retirement plan by putting the myths aside and planning for financial and emotional realities. A balanced plan provides security that is independent of your spouse.



2 Guardian Study of Financial and Emotional Confidence™, 2021






This material is intended for general public use to potentially assist you in planning for your future. By providing this material, Guardian/Park Avenue Securities is not undertaking to provide investment advice for any specific individual or situation, or to otherwise act in a fiduciary capacity.

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2022-145507 Exp. 10/24 *pre-approved content*

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