My blog sponsor Cathy DeMartino wrote a fabulous article about retirement for women. As always, her financial advice is so refreshing and informative. Also, she is holding an amazing Facial and Fiance Evening this Thursday at Rye Grill and Bar. If you are local come by to meet Cathy and get your complimentary facial with the fabulous Park Ave Medical Spa. Remember to RSVP HERE.

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The number of men and women in the United States appears to be equal, however, women are living much longer than their male counterparts. By age 65, we outnumber men by two to one. Considering we have varied roles throughout our lives: partner, mother, employee, business owner etc. and those paths frequently can change, we need to take charge of our own retirement planning.

Here are three myths women face:


Once the kids have moved out and you are ready to wind down your careers, you finally have time to rediscover your relationship with your significant other. In reality, many people struggle with this adjustment as they enter retirement. The proverbial “Honey-Do List” may become Honey, please do something on your ownCommunication and planning are key to overcoming relationship challenges in retirement. We often come across people who put more time into planning a two-week vacation than they do planning for thirty-years in retirement.


Women are living longer than men, so the changes of us outliving our savings is much higher. As of 2020, the average life expectancy is 77.3 for men and 82 for women. Our retirement planning needs to have a longer time horizon than just twenty years. Depending on your age at retirement, you may spend thirty years or more in this phase of your life. Adequate coverage for Long Term Care is a major concern that I hear every day from female clients. The average cost of nursing home care in New York is approximately $125,000 per year and considering Medicare will not pay for Activities of Daily Living (ADL) which make up the largest portion of LTC expenses this is something that should be part of any woman’s well-rounded retirement plan. 


Even if you have your own retirement benefits, it is critical to understand what assets are available to you as the beneficiary of your spouse’s retirement and pension plans. Women on average earn $0.82 for every $1 earned by men, which generates a significant lifetime income gap. According to Women’s Institute for a Secure Retirement women 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 plan. It is essential to review your spouse’s policies carefully and plan for missing income gaps. 

Cathy DeMartino is a Financial Representative of The Guardian Life Insurance Company of America® (Guardian), New York, NY. Strategies for Wealth is not an affiliate or subsidiary of Guardian.   2022-136703  Exp. 4/2022 

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