Small Steps, Stronger Futures: Helping Women Save More for Retirement

• Women face unique retirement savings challenges due to longer life expectancies, caregiving responsibilities, and lower lifetime earnings
• Increasing 401(k) contributions, even modestly, can help women build a stronger retirement outlook
• Financial guidance can help women review savings, understand investments, and identify practical next steps

For many women, studies have shown that retirement planning comes with unique challenges—from longer life expectancies to career interruptions and competing financial priorities. This article explores why increasing retirement plan contributions matters, how small savings moves can make a meaningful difference over time, and practical ways to help strengthen retirement readiness.

Confidence about the years ahead is shaped by many factors, from expected expenses to how long savings may need to last. Women’s attitudes toward retirement were highlighted in a recent study¹ that showed the importance of making deeper inroads towards saving through a workplace retirement plan:

Outliving savings is a leading concern. Women’s greatest retirement fear is that their savings and investments may not last throughout retirement, especially as health care, housing, and family support needs may increase over time. A key related factor is longevity, as women’s life expectancy is at a record high, averaging 82 years old—18 years past age 65.² According to the study, however, some women are planning for the possibility of living to age 100 or older.

Many women feel less prepared. Women report lower levels of retirement readiness than men, underscoring the need for more proactive planning and consistent saving.

Social Security uncertainty adds pressure. Many women are concerned Social Security may be reduced or unavailable when they retire, making personal savings through a workplace plan even more important.

Many are estimating without a clear target. Over half of women who estimated their retirement savings needs said they arrived at the number by guessing, compared with 39% of men.

Retirement conversations are not happening often enough. Only 19% of women workers frequently discuss saving, investing, and planning for retirement with family and close friends, compared with 25% of men workers.

Together, these findings point to a clear opportunity: greater 401(k) participation can help women turn uncertainty into action. Contributions do not have to start large to be meaningful. What matters most is getting started, increasing over time when possible, and using the tools available through the plan to make informed decisions.

Building long-term financial security often starts with manageable actions you can take today. The following strategies can help you make the most of your workplace retirement plan and create momentum over time.

Increasing your plan contribution today may help create the potential for a larger plan balance tomorrow. If your plan allows it, even a small increase—especially one made routinely—can make saving feel more manageable while helping your retirement savings grow over time.

Consider contributing as much as your budget comfortably allows and increasing that amount on a regular, systematic basis. If your employer offers a matching contribution, contributing enough to take full advantage of it may be an especially valuable step.

If your employer gives you an annual salary increase, you can use the timing as a schedule to give your retirement plan a “raise.” With this approach, you routinely increase your plan contribution and do so in an amount equal to all or part of the additional pay. If you increase your savings in sync with the timing of your raises, you probably won’t feel the pinch as much—and your long-term goals may get a potential boost. And if you don’t receive an annual raise or bonus? Perhaps tie a contribution bump to a birthday or anniversary date that you’re sure to remember.

You may find it helpful to review different scenarios based on your age, savings rate, expected retirement date, and assumed investment returns. Online retirement calculators can offer a starting point, but your plan provider or a financial professional can help you model options that reflect your personal circumstances. The broader message is simple: control what you can today to give your retirement plan more opportunity to grow tomorrow. 

If you’re unsure where to start, consider meeting with a financial advisor who can help you review your current savings, understand how your retirement plan is invested, and identify practical steps to help strengthen your retirement outlook.

Contact us to learn how Wilmington Trust can help you with your retirement and wealth planning strategies. 

Sources:

¹ 25 Facts About Women's Retirement Outlook | 25th Annual Transamerica Retirement Survey 2025.

² Actuarial Life Table, Social Security Administration.

This article is for informational purposes only and is not intended as an offer or solicitation for the sale of any financial product or service. It is not designed or intended to provide financial, tax, legal, investment, accounting, or other professional advice since such advice always requires consideration of individual circumstances. If professional advice is needed, the services of a professional advisor should be sought.

There is no assurance that any investment, financial, or estate planning strategy will be successful. Estate planning strategies require consideration of the suitability based on individual objectives, financial situation, and particular needs.

Wilmington Trust is not authorized to and does not provide legal, accounting, or tax advice. Our advice and recommendations provided to you are illustrative only and subject to the opinions and advice of your own attorney, tax advisor, or other professional advisor.

Please complete the form below and one of our advisors will reach out to you.