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by Rick Pendykoski, Medically Reviewed by Dr. C.H. Weaver M.D. 5/2022

Women Saving Less Than Men: Is There a Particular Reason?

The difference in financial needs coupled with responsibilities makes retirement savings for women different from men.

It is believed women spend more money on their children, family, and other miscellaneous expenses. Amid these hassles, savings is the last priority for women who have debt and daily costs to handle.

Many women even have to prioritize their daily financial needs over their long-term goals. Various factors play a major part. Where a woman lives longer than a man and has to survive the unfair wage gap, balancing her needs along with her family’s makes it harder for her to think about her future finances.

The Difference Creates Emergency for Financial Knowledge in Women

Handling finance efficiently can be intimidating, which is a major reason you should be educating yourself more in finance.

Retirement funds are an integral part of financial comprehension. Women should start taking the reins to make their retirement more comfortable by saving. Whether it is about the self-directed 401(k) plan, or a Roth IRA, being informed leads to better decisions.

Learning about finance helps you acquire knowledge related to it. To get better seeking this knowledge, take professional help from retirement saving experts or financial. These professionals can guide you with retirement plans that best suit your needs, situations, and goals, which fall in your favor and benefit you the most.

Moreover, talking with your female colleagues and friends can significantly benefit you. Female friends who have already retired are a treasure of knowledge. Their experiences and wisdom are helpful for women who are yet to live through that phase. They can guide you into better retirement planning by telling you what to avoid.

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Making Retirement Planning for Women Easier

There is nothing like “being late” at savings. Yes, saving from the beginning has its perks, but do not regret if you did not do it since the beginning. Your retirement saving begins when you wish to start it, because it is always better late than never!

Here are a few beneficial retirement tips for women:

1. Prioritize Retirement Savings

Thinking about your future is always a safe bet. Start your retirement planning by setting up automatic investments that helps putting the money directly out of your paycheck into investment.

2. Maximize Retirement Accounts

Saving as much as you can in a tax-preferred retirement account setting is great, but before going all in, start small! If your employer matches the contribution with your workplace plan, ensure to save enough to earn every matching dollar.

3. Secure Brokerage Account

Storing extra funds in your brokerage account is an excellent idea. It would not provide you tax savings as much as an IRA or a 401(k) plan can, but it is a wonderful way to add additional funds for future savings.

4. Implement Tax Planning

Taking a diversified tax approach with your retirement planning in a tax-deductible IRA or a traditional pretax 401(k) plan can allow more savings for your future. Implement a proper savings structure with the help of a tax professional or financial planner.


Having the money to invest is one thing, but knowing how to invest, is another subject a woman should learn and talk more about. You should take an active part in your retirement planning and start prioritizing savings.

You do not have to save big to begin with. Small contributions over time will make bigger differences in providing retirement funds. Consult financial advisors for the support and guidance you need in making financial decisions.

Author Bio: Rick Pendykoski is the owner of Self Directed Retirement Plans LLC, a retirement planning firm based in Goodyear, AZ. He regularly writes for his own blog of Self Directed Retirement Plans and as a guest blogger to many sites in the niche of finance. If you need help and guidance with traditional or alternative investments, email him at or visit