Breaking Free from Retirement Myths: A Guide for Women

Planning for retirement can be daunting, especially when you’re faced with common misconceptions that might hold you back. Let’s debunk these myths and pave a more path toward securing your financial future.

Myth 1: “My Money Doesn’t Feel Real”

You’ve diligently saved throughout your life, building a nest egg that might feel intangible, almost like it’s Monopoly money. In fact, we sometimes hear clients refer to their retirement accounts as “paper money” which makes it not feel real. But that sum represents your foundation for retirement. It’s very real, and it’s significant, capable of sustaining your future. Partnering with an advisor can help make it feel more tangible and purposeful.

Myth 2: “I Don’t Belong in the Investment World”

The financial realm may seem complex and exclusive. Actually, you know what, it is complex and exclusive. And the financial complexity involved in retirement can make it feel confusing. Worse yet, the complexities can make you feel like you don’t belong, like you shouldn’t be part of the conversation about your money. 

That’s where we push back. Yes, being part of the conversation won’t happen overnight. But conversational, cause-and-effect questions can guide you into meaningful financial discussions and help you grasp an otherwise intangible future. 

• If I get sick, what happens to my money? 
• If I’m healthy and live longer, what happens to my money? 
• If I make this family decision, what happens to my money? 

It’s not about mastering jargon; it’s about understanding how your choices impact your finances.

Myth 3: “Women Are Too Conservative with Money”

Being cautious isn’t a flaw, but having a trusted financial partner can help you navigate investment decisions. Understanding the cause-and-effect dynamics allows for informed portfolio adjustments that align with your goals. 

Not all women are too conservative with their money. That’s just a blanket generalization that’s part of this myth. At the core of the myth is this: You may not have a comprehensive plan for your money, causing you to be too conservative (or maybe even too risky) with your investments. Working with a financial professional can help ensure you understand your goals and adapt your risk preferences to get you to those goals. 

Myth 4: “I’m Too Old for This”

Age shouldn’t be a barrier. But it often feels that way. Learning and adapting are lifelong journeys. Saying you’re “too old” is a self-imposed limitation. The financial world feels complicated, but your experiences have prepared you more than you realize. Embrace where you are now and seek guidance when needed.

The Way Forward

These myths might linger, but we trust you are beginning to feel empowered to pursue your retirement years with confidence instead of doubt and uncertainty.

If you’re ready to start your financial journey or you’d like to have a one-on-one conversation, click here for an introductory call. Here’s to feeling good about your money!

About the Author

Liz Hand, CFP®, is a financial advisor and a trained Life Coach who focuses on serving women closing in on retirement or women who are already retired. With a knack for retirement income design and women’s finances, Liz shares complex financial ideas in practical terms. 

Involved in the community in various capacities, she is on the board of Women’s Impact and involved as the youth sponsor at First Mennonite Church in Canton. Liz and her husband, Nate, enjoy raising their sons, Mason & Brennan. A weekend with free time finds them enjoying downtown Canton eats & events, camping, and dreaming of getting to more National Parks (a family goal to visit them all).