Have you ever been told that you need to work longer, save more, or spend less before you can afford to retire?
For many women, those words can feel overwhelming—especially after spending decades working, raising a family, caring for others, and doing everything they thought they were supposed to do.
If this sounds familiar, please don’t give up on the retirement you imagined.
Working longer and saving more may be part of the solution, but they may not be your only options.
A Different Way to Think About Retirement
Vanguard recently released an extensive report about retirement income planning. One of its most important messages supports something I have taught women for years:
Retirement planning is not only about how much money you have saved. It is also about how much dependable income your savings can create.
That is an important distinction.
While you are working, the goal is usually to accumulate money. As you approach retirement, the focus begins to change. Now you need a plan for turning everything you have built—Social Security, pensions, savings, investments, and other resources—into the income you will need for the rest of your life.
This is where retirement income planning can open the door to possibilities you may not have considered.
What Happened to Marilyn
My client Marilyn built a successful business after changing careers at age 39. She spent 25 years doing work she loved as an orthopedic massage therapist, developed a four-month waiting list, and had no plans to retire.
Then COVID changed everything.
Marilyn had to close her business. She initially believed life would soon return to normal, but unexpected health challenges eventually made it impossible for her to return to the work and clients she loved.
For the first time in her life, Marilyn did not have a plan—and she was deeply worried about her future.
Her advisor had given her a retirement savings goal that felt impossible to reach. She believed she would have to accumulate substantially more money before she could retire and feel financially secure.
But when we looked at her complete financial picture, we discovered another possibility.
We found a way to use the savings she already had to begin creating dependable streams of income. We also shared this information with her advisor and developed a strategy for repositioning other investments for safety and future growth.
Marilyn later shared:
“Katana figured out a way I could create streams of income immediately using my existing savings.”
But the words that meant the most to me were:
“Katana helped me sleep again.”
Today, Marilyn is stepping into another beautiful new chapter. She recently got married!
Her story is a wonderful reminder that an unexpected transition does not mean your dreams are over. Sometimes you simply need someone to help you see your options differently.
Begin With the Life You Want to Create
A retirement income plan begins by answering a few important questions:
- How much income will you need each month?
- What will Social Security and pensions provide?
- How much will need to come from your savings?
- Which expenses must be covered no matter what happens in the market?
- How important are flexibility, protection, and leaving a legacy?
- What do you want your next chapter to look like?
Once you understand your numbers, fear can begin to give way to clarity.
You may discover that working longer would be helpful—but perhaps you could work part-time, begin an encore career, or choose work that offers more meaning and flexibility.
You may discover that coordinating your Social Security, investments, and guaranteed-income options could allow you to retire sooner than you expected.
Or you may learn that a few thoughtful changes today could create greater confidence and freedom later.
Build a Plan Around You
There is no single investment or financial product that is right for everyone.
A thoughtful retirement income plan may include Social Security, pensions, investments, cash reserves, insurance, and perhaps an annuity to provide additional dependable income. Each resource should have a purpose, and every recommendation should begin with your needs—not with a product.
I have spent more than 40 years helping women navigate their money, retirement, and major life transitions. The most important lesson I have learned is this:
No matter where you are right now, there is always a plan.
If you have been told that you must work longer, save more, or settle for less, consider getting a second opinion before giving up on the future you imagined.
I invite you to schedule a complimentary Retirement Income Discovery Session. Together, we can look at your income needs, Social Security, savings, and personal goals—and begin exploring what may be possible for your next chapter.
Schedule Your Retirement Income Discovery Session Here
Warmly,
Katana Abbott, CFP®
Guide for Your Next Chapter™
This information is intended for educational purposes only and does not constitute individualized investment, insurance, tax, or legal advice. Financial strategies should be evaluated based on your individual needs, goals, and circumstances.
