8 tips from financially successful women

Women often face unique retirement planning challenges. They typically live longer than men, may earn less over their lifetime and are more likely to take career breaks to care for family members. So, what financial habits can help women build lasting wealth? Research conducted by The Harris Poll on behalf of Athene surveyed more than 500 women age 55 and older with at least $1 million in investable assets to uncover the saving and investing strategies that supported their success.¹ Here are eight financial tips you can learn from their experiences.

How successful women save

Putting away money for retirement hasn’t always been easy for Sarah Boothby, a self-employed executive recruiter in Portland, Oregon. Still, she credits her parents for emphasizing the importance of saving.

“Both of them — I mean from a very young age — talked about how much money we need to put into our retirement funds. Just in general, financial management has been one of the key things that was consistently emphasized to me while growing up,” she says.

So maybe it’s no surprise that she’s actively saving for retirement. Her secret? “I have to set that money aside without ever seeing it in my bank account,” she says.

Rather than relying on one big move, financially successful women tend to build wealth through steady, intentional decisions over time. From setting clear goals to disciplined spending and investing, their approaches offer practical takeaways anyone can apply.

What financially successful women have in common

A good place to begin is with some basic savings steps. After all, you need to be able to put aside some money before you can think about investing it.

1. Start saving early…and automatically

Begin building your savings as soon as you can. It’s never too early — or too late — to start. But the sooner you start saving, the more time your money has to grow. And thanks to the magic of compounding interest, that can make a big difference in the total wealth you can accumulate.

One of the easiest ways to start building your savings is through automatic transfers to your savings or retirement accounts. This way, money moves into the account each month or pay period without having to think about it or before you have a chance to spend it. Even a small amount from each paycheck can help build a balance quickly.

If you have an IRA, try to contribute as much as you can, up to the annual IRS limit, to give your savings more opportunity to grow over time. If you’re 50 or older, catch-up contributions are often available to help you save even more for the future.

Make saving a long-term habit

Saving is a marathon, not a sprint, so consistency counts. That means staying the course even during market volatility. Historically, the market has recovered from downturns, and staying focused on the future during turbulence can help prevent decisions driven by fear or worry.

Those who build real wealth aren’t necessarily the ones who picked the best investments or timed the market perfectly — they’re the ones who stayed the course and adopted habits that supported their long-term goals.

2. Avoid high-interest debt and pay off balances

At the same time, try to avoid high-interest debt, like credit card debt. The more money you need to pay down debt, the less you’ll have to invest. That makes a difference, especially in the long run.

If you’re already carrying debt, the snowball strategy can help by paying off the smallest balances first to build momentum, then rolling those freed-up payments toward your next debt. Each balance you eliminate can help you direct more money into your savings and investments instead.

3. Prepare for life’s changes

Career changes, time away from work and caregiving responsibilities are part of the financial journey for many women and can have a real impact on their long-term savings. Time away can interrupt retirement contributions and slow the compounding growth that can make a big difference over time.

If you anticipate a break, try to contribute as much as possible beforehand and make sure you have an emergency fund in place, so you’re not forced to tap into retirement savings if unexpected costs arise.

What to invest in

Once you have some money set aside, the next decision is where to put those savings. There are many different investment and savings options out there. Which ones are right for you?

4. Understand your risk tolerance

Start by looking at your appetite for risk and your expectations for the retirement products and solutions you choose. You can take our online quiz to determine your risk level, but a good rule of thumb is: if you can invest and stay comfortable through market ups and downs, you’re likely at the right level. If your portfolio is a source of constant worry or stress, it may be time to dial back your risk exposure.

5. Diversify your investments

More than half the women in the research listed market volatility as their top challenge. Market swings are a normal part of the retirement journey, but creating a diversified portfolio with a variety of asset classes and risk levels can help you weather the downturns more smoothly. If you do it successfully, a downturn in one investment can be offset by gains in others.

Some insurance products may also help temper risk: A fixed indexed annuity can offer features that support diversification, along with protection from loss due to downturns in the market.

Turning your plan into progress

Progress comes from moving beyond big-picture thinking to concrete steps that can help bring you closer to the financial future you want.

6. Define clear financial goals

Your goals are the foundation of your financial plan and can help shape your decisions and give your plan a clear sense of purpose. Do you want to travel the world, put the grandkids through college or just kick back and be comfortable? Whatever the answer, knowing what you’re working toward can help you create a road map for achieving each goal.

7. Boost your financial knowledge

Knowledge is one of the most powerful financial tools you have. Women who take the time to understand their finances, stay informed about market trends and continue building their financial literacy may be better positioned to make confident, informed decisions at every stage of life.

8. Work with a financial professional

Finally, many women find that working with a financial professional is immensely helpful. More than 75 percent of women in the survey said they work with one, and 50 percent credited their success to advice they received.

Having a trusted financial professional who understands your goals and circumstances can make all the difference. They can help you cut through the complexity, stay on track through life’s stages and keep your long-term goals front and center no matter how the market is performing.

While your path to retirement is your own, the habits and strategies that get you there are ones that have worked for many women before you. Your financial future is waiting, time to get started!

FAQs about retirement planning for women

Why is retirement planning different for women?

Women often live longer, may earn less over their careers and are more likely to take time away from work for family and caregiving responsibilities. These factors can make retirement planning and working with a financial professional especially important.

What are the best financial habits for women?

Financially successful women often automate savings, avoid high-interest debt, diversify investments, define clear goals and work with a financial professional to create a personalized plan.

How can women reduce retirement risk?

Women can help reduce retirement risk by diversifying investments, aligning their portfolio with their risk tolerance and exploring retirement strategies that can offer downside protection and guaranteed income for the future.

Need some expert help to get you rolling? Check out these tips on finding a financial professional who fits your needs.

1. Survey of 500 women age 55+ with personal investable assets of $1M+ in the U.S. Harris Poll conducted for Athene, February 2024.

Want the most from your retirement? Get smarter with Smart Strategies from Athene. Your source for tips, tools and financial solutions that can help you live your best life.

Guarantees provided by annuities are subject to the financial strength and claims paying ability of the issuing insurance company.