Why the Future of Retirement Planning Is Female

For women, retirement planning comes with built-in challenges—longer life expectancies, lower lifetime earnings and time out of the workforce for caregiving—which all erode long-term financial security. These realities contribute to a persistent confidence gap: Just 67% of women said they felt confident about living the retirement lifestyle they wanted, compared with 76% of men, according to LIMRA’s 2025 Retirement Investors Survey, which focused on workers aged 40 through 85 with at least $100,000 in investable assets.

The financial consequences are real, according to a new column in LIMRA Industry Trends, “How Financial Professionals Can Help Women Achieve a Secure Retirement,” published in honor of National Retirement Security Month.

“Women tend to have fewer retirement resources available, which could leave them vulnerable at some point in their retirement years,” said Jean Chatzky, founder of the digital media company HerMoney, in a statement.

The data back Chatzky up: The Institute for Women’s Policy Research reported last year that women had, on average, 32% lower retirement incomes than men.

The confidence gap often begins long before retirement. A national survey by the Principal Financial Group Foundation from August found that, among 3,000 Generation Z and Millennial adults, only 38% of women felt confident discussing finances—compared with 56% of men. Nearly half of female respondents (44%) said money conversations made them anxious, and 45% said they avoided them altogether out of fear of judgment. By contrast, just 33% of men expressed similar concerns.

That disparity only grows more pronounced when comparing sources of retirement income for retired, non-married men and women. LIMRA’s Retirement Investors Survey found that men were significantly more likely to receive retirement income from personal savings, traditional defined benefit plans and individual retirement accounts.

The Coming Wealth Transfer

Chatzky, whose company, HerMoney, focuses on improving female financial literacy and wellness, noted on LIMRA and LOMA’s podcast, “Insider Insights,” that many women have an advantage of potentially inheriting wealth twice: first from parents and then from husbands, who are statistically more likely to die first. Women are expected to inherit $30 trillion in wealth from Baby Boomers by 2030, according to research by McKinsey.

This historic wealth transfer presents a major opportunity for financial professionals—especially those offering lifetime income solutions that reflect women’s priorities. The Alliance for Lifetime Income by LIMRA found that nearly half of surveyed women aged 61 through 65 expressed interest in annuities, outpacing men by more than 10 percentage points. Yet only 39% of women said they understood how annuities fit into a retirement plan, compared with 52% of men.

“[Women] don’t want to suffer lifestyle deflation; they want to be able to continue their lives, to help their children and grandchildren in their communities,” said Chatzky on the podcast. “All of those things are possible … but [women] need professionals and solutions to help them figure out the best decumulation strategies.”

What Women Want From Advisers

Women are clear about what they need—and who they want to help them. According to LIMRA data, 46% of surveyed women said they prefer either having a professional manage their investments with minimal input or receiving strong recommendations to act on with confidence. They were not necessarily looking for complete control, but rather: clarity, partnership and trust.

Trust starts with connection. Chatzky noted that many women leave their financial advisers after their husbands die, often because they never felt included in the financial planning conversations to begin with.

Increasingly, women—and investors more broadly—are turning to accessible, employer-sponsored tools to handle essential financial tasks. According to “The Trajectory of Intergenerational Wealth Transfer” by Escalent’s Cogent Syndicated division, 22% of surveyed individuals with an estate plan accessed legal services through their employer’s benefit plan. Another 22% of those without a plan said they intended to use this route in the future.

Financial professionals who want to build lasting relationships with female clients should meet them where they are, listen, and offer tailored, actionable advice. Chatzky advised women to seek financial professionals who come recommended by peers, have relevant credentials and—most importantly—take time to understand their specific needs. Face-to-face conversations and gut instincts matter. If the fit does not feel right, clients should keep looking, according to Chatzky.