Every individual approaches retirement in their own way. A financial expert shares insights on designing a retirement plan tailored to your specific needs.

Women often find themselves retiring with significantly less than men. Data from a 2024 study reveals that women's median retirement savings are under one-third of their male counterparts. Factors like the gender wage gap and caregiving duties contribute to this disparity. However, a shift is on the horizon: nearly half of American women anticipate inheriting wealth in the coming decade, and by 2030, they are projected to manage over 60% of global assets. That's significant.

Nonetheless, simply having more money is not sufficient. It’s crucial to strategize investments, asset withdrawals, tax minimization, and wealth-building while aiming to leave a meaningful legacy. How can we achieve this?

Hilary Hendershott offers valuable insights. As the founder of Hendershott Wealth Management and host of the “Love, Your Money” podcast, she recently spoke with an expert about what it truly takes to establish a viable, lasting retirement plan.

Successful Retirement Planning Begins with Your Mindset

Expert: It's concerning that, as of 2025, women still have less saved for retirement compared to men. Life circumstances play a significant role, but there's room for improvement if we adopt a strategic approach. What common pitfalls do you observe women encounter in their retirement strategies?

Hilary Hendershott: Realizing that no one is more invested in my financial future than I am was a game-changer. With billions of people in the world, I'm the sole custodian of my retirement savings. A strong mindset is essential; you can't reach your goals without a determined attitude.

Moreover, I encourage women to cultivate a solid, evidence-based trust in the stock market. Media often portrays the market as frightening—whether it's rising or falling, there's always a reason to panic. However, the stock market has historically been the greatest creator of individual wealth. Establishing a positive relationship with it can yield significant long-term benefits.

Planning for Retirement: It's Your Financial Lifeline

Expert: We've been on a journey of saving and investing, and suddenly, we must reverse that process—make funds last, spend wisely, and avoid tax penalties. This transition can be intimidating. How do you assist individuals during this change?

Hilary Hendershott: The day you stop working is pivotal. You’re betting that your savings will outlast you. Throughout your working years, you focus on your account balances. As retirement approaches, the sustainable withdrawal rate from those balances becomes far more critical.

A major retirement blunder is overspending during market downturns. Collaborating with your partner to determine a sustainable spending plan is vital. Maintaining sufficient cash reserves and cultivating smart financial habits can prevent emergencies.

Final Thoughts: Your Ideal Retirement Plan Is Unique to You

Expert: For women seeking to boost their financial confidence, what initial step can they take today to shift their mindset?

Hilary Hendershott: Research indicates that women often excel at investing compared to men. Recognize that you’re likely starting from a stronger position than you realize, and not everyone who claims expertise truly has it. Women’s tendency to adopt a 'set it and forget it' approach often leads to superior investment performance.

So, take pride in your capabilities. You may be doing better than you think, and there are many resources available to support your financial journey.

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