Retirement planning for women in their 60s isn’t just about crunching numbers. It’s about creating a life with peace of mind, financial confidence, and a sense of purpose that accounts for longer life expectancy and a career marked by wage gaps or caregiving interruptions. Whether you’re single, divorced, remarried, or widowed, this is your time to take the lead. Our trusted estate planning law firm in Honolulu can help ensure your plan is complete and current.
Why Is Retirement Planning Different for Women?
Women tend to live more years in retirement and earn roughly 84 cents for every dollar men earn. Women represent 55% of all Social Security beneficiaries aged 60 and older, and their percentages rise as the population ages. The highest rate of divorces now involves couples between ages 55 and 64. Additionally, not knowing their household’s financial situation is among the biggest missteps women make. If they find themselves single, through divorce or death, the financial and legal challenges can be daunting.
3FG Law recommends that older women at any stage in their career or intimate relationship should take time to consider retirement and estate planning now. Below is a helpful 10-point checklist to help you prepare for the retirement you deserve.
1. Get Real About Your Retirement Timeline
The first step is deciding when you actually want to retire. Ask yourself: When do I want to stop working—and what does that transition look like? Too often, women wait until they’re on the brink of leaving the workforce to think about logistics. But setting a clear goal now allows you to prepare on your own terms. Consider your health, energy level, professional satisfaction, and what you want the next phase of life to look like. Whether you’re envisioning more leisure, part-time work, or volunteer opportunities, defining your retirement timeline creates a foundation for the rest of your planning.
2. Maximize Retirement Contributions—While You Still Can
Your 60s are often your highest-earning years, and the IRS gives you the opportunity to boost your savings with catch-up contributions. For 2025, those age 50 and older can contribute an extra $7,500 to a 401(k) and an additional $1,000 to an IRA. If you are between the ages of 60-63, there is also a short window of opportunity to make a “super 401(k) catch-up” starting in 2025. If you’re still working, it’s a prime time to contribute as much as possible. The more you stash away now, the more financial freedom you’ll have later—especially important in Hawaii, where the cost of living can stretch your retirement dollars.
3. Evaluate Your Social Security Strategy
Social Security benefits are a key source of income for many retired women, especially if you’re single. Knowing when and how to claim can have a significant impact on your monthly benefit amount. Create a Social Security account online to view your earnings history and projected benefits. If you’re divorced or widowed, you may qualify for benefits based on your former spouse’s work record. Making informed decisions here is vital to your long-term retirement income plan.
4. Revisit (or Create) Your Estate Plan
Estate planning is about more than distributing your assets after you’re gone—it’s about protecting your future and making sure your wishes are honored. Yet it’s one of the most overlooked areas of retirement preparation. Our experienced estate planning law firm ensures that your documents are legally sound and tailored to your needs. At a minimum, you should have a will, a revocable living trust, powers of attorney for healthcare and finances, and clear beneficiary designations. If you’re in a second marriage or have adult children, individual trusts may make sense to preserve separate property. And remember—estate plans are not “set it and forget it.” They should be reviewed regularly to reflect changes in relationships, assets, or the law.
5. Consolidate Old Retirement Accounts
Many women have worked for multiple employers over the years and may have retirement accounts scattered across various institutions. As you approach retirement, now is the time to simplify. Consolidating your accounts can reduce administrative burdens, minimize fees, and make it easier to manage your investments. It also streamlines required minimum distributions (RMDs), which you’ll need to take starting at age 73. Bringing your accounts together into one or two manageable places allows for better oversight and planning.
6. Downsize With Purpose
If you’re living in a home in Honolulu that’s larger than you need, consider downsizing—not just for convenience, but for financial health. A smaller home often means lower maintenance costs, reduced utility bills, and fewer property taxes, all of which free up cash for travel, hobbies, or health care. It also creates a more manageable living environment as mobility and accessibility become greater concerns. Selling a high-value home in Hawaii and unlocking the equity can help fund your later years with more flexibility and less stress.
7. Review Your Investment Risk
As you near retirement, the strategy shifts from aggressive growth to stability and income. Your investment risk should align with your new goals: preserving what you’ve built and drawing from it sustainably. A market downturn close to retirement can be hard to recover from, so take time to rebalance your portfolio. You might explore more conservative options like bonds or dividend-paying stocks. If you haven’t already, a conversation with a Honolulu financial planner can help you fine-tune your asset mix based on your income needs and retirement timeline.
8. Clarify Debt and Separate Finances
Blended families, new relationships, or even long-term partnerships without marriage can introduce financial entanglements that become problematic if not addressed early. One woman’s story of discovering her new husband’s tax debts—after they married—cost her $50,000 and years of stress.
Keeping some financial independence, even in committed relationships, can be a smart form of protection. Don’t leave financial matters for your spouse or partner to handle without being involved at all. Familiarize yourself with everything – all property, all accounts, all debts—and be a part of all financial and legal decisions. Our estate planning law firm can help you understand how to structure your finances and legal documents to protect your interests.
9. Plan for Long-Term Care and Health Needs
Retirement isn’t one moment—it’s a journey with multiple phases. Your early years may be filled with travel and hobbies, but as time goes on, your priorities will shift toward healthcare, caregiving, and mobility. Consider what long-term care might look like for you. Will you age in place? Move closer to family? Join a retirement community? Planning ahead, including exploring long-term care insurance or Medicaid strategies, ensures you’re not caught off guard by life’s later chapters. Working with a professional can help you address these scenarios with clarity and compassion.
10. Build Your Advisory Team
You shouldn’t have to tackle retirement alone. The most successful transitions involve a collaborative team—typically a financial planner, an accountant, and an estate planning lawyer. These professionals work together to ensure your savings, taxes, and legal affairs are fully aligned. At 3FG Law, we take a holistic and down-to-earth approach, creating lifetime relationships with clients and ensuring their estate plans are not only well-crafted, but well-maintained as life changes.
Meet with 3FG Law in Honolulu to Make Your 60s Your Most Empowered Decade Yet
Retirement planning doesn’t have to be overwhelming. With the right steps—and the right support—you can approach the future with confidence and peace of mind. At 3FG Law, we consider it an honor to guide women through the planning process with clarity, compassion, and a clear plan of action. Book a call today with our trusted estate planning law firm. Let’s build the future you’ve worked so hard for—together.
References: Kiplinger (Feb. 24, 2024) “What Every Woman Needs to Know Before Retiring” and Compass Financial Group (June 11, 2024) “9 Things Single Women in Their 60s Need to Do to Prepare for Retirement” and Kiplinger (“New SECURE 2.0 Super 401(k) Catch-Up Contribution for Ages 60-63”)
