According to the Pew Research Center, as of 2021, 22% of 40-year-old women in the United States had never been married.1 This represents a significant increase from the past and marks a noticeable trend of more women delaying marriage—sometimes indefinitely. In fact, a USAFacts analysis of 2024 U.S. Census data estimates that approximately 31% of women may never marry.2

Before we discuss the added difficulties of navigating a financial system that favors married couples over single savers, we need to acknowledge that women already face gender-specific financial planning challenges. These include a longer life expectancy and a pay gap that results in lower salaries and lower lifetime savings unless they save a greater percentage of their salary. To compound matters, that lower salary means lower Social Security benefits in retirement. 

Being single makes financial planning, particularly retirement planning, trickier. A married couple typically benefits from two income streams over their working years and two sources of income in retirement, whether a pension or Social Security. So how can single women plan for retirement and secure their future—especially as they approach the end of their peak earning years? 

As is often the case in financial planning, time is money. Preparing for retirement should begin early, since you want as much time as possible for compound interest to grow your savings. However, in addition to time, forethought can be a powerful tool: If you think it’s likely you’ll remain single, there are several steps to consider when retirement planning to help secure your financial future.  

Envision your future retirement

Before you dive into the quantitative aspects of retirement planning as a single woman, spend some time envisioning what your ideal retirement looks like. Does it include working part-time or volunteering to maintain social connections? Will your spending be comparable to what it is today, or will it go up or down? Does it include a high-priced purchase, such as a second home? What about annual travel goals? Are there other must-haves that should be factored into the calculations?

Assess your current financial situation

A map is only helpful if you know your current location. Similarly, for a retirement plan to be effective, you need to know where you stand financially. This requires you to know your current net worth, including the value of your various assets, their disposition, and any financial liabilities, such as a mortgage or other debt. Do you have a 401(k) plan or two that were left behind with a prior employer? Perhaps you have savings bonds or individual stocks tucked away somewhere, maybe for decades. Create a statement of net worth to track this information, recording institutions where funds are housed, account numbers, and other details.

Maximize retirement savings

Next, review your current lifestyle and identify ways to save more aggressively for your retirement years. On top of reducing your expenses, consider ways you could generate additional income, such as maximizing interest rates on savings account balances or starting a side business based on your specific skill set.

Annual contributions 

Ensure you’re funding your retirement plan up to the annual limit. According to the Internal Revenue Service news release on November 13, the 401(k) elective deferral limit is $24,500 for 2026; individuals age 50 and above may make additional catch-up contributions of $8,000 per year, for a total of $32,500. Consider contributing to a Roth 401(k) as well, but note that all 401(k) accounts share the same annual limit. In retirement, required minimum distributions from a traditional IRA are generally taxable as ordinary income, except for any portion attributable to an after-tax basis (from nondeductible contributions). However, with a Roth 401(k), you pay taxes up front on the amount you contribute, but the invested funds will compound tax-free and remain tax-free when you make qualified withdrawals. A financial advisor can help you determine the best strategy for funding a retirement plan and the optimal investment allocation. 

Social Security 

You can claim Social Security retirement benefits as early as age 62; your full retirement age (FRA), determined by your year of birth, is when unreduced benefits begin. For this reason, it typically makes financial sense to delay receipt of retirement benefits until at least the full retirement age. Your health, lifestyle, savings, and other factors might also merit consideration. One reason you might not want to defer retirement benefits until your FRA is the lack of a survivor benefit, which is only available to married couples. Since you can’t leave your Social Security benefits to anyone else, the financial penalty you take for claiming the benefits early may not be as important as having more years to enjoy them.  

Additional savings 

If you have an emergency fund that can last for 6 to 12 months and can fund the maximum annual retirement plan contribution, consider establishing an automated savings plan in a brokerage account that enables you to buy and sell securities. Contributing to your brokerage account consistently allows you to buy investments at prices that fluctuate with the market, which can help lower the average purchase price over time. This is called dollar-cost averaging, and it will help optimize long-term growth.  

Anticipate future health care costs  

Women commonly have a longer life expectancy, and that is often accompanied by higher health care costs later in life—potentially including costly specialists and long-term care. Because these expenses can quickly deplete savings, it is important to consider retirement strategies to help defray them.  

Health Savings Account 

While you’re still working, consider utilizing a high-deductible health care plan, which will qualify you to contribute to a Health Savings Account (HSA). Unlike a Flexible Spending Account, or FSA, the funds in an HSA are not “use it or lose it.” They may also be invested, so you can accumulate significant savings over time to pay for future health care needs. Annual contributions to your HSA will also reduce your taxable income in those higher-income years. Contributions to an HSA are not permitted after you enroll in Medicare (generally at age 65), and you won’t pay taxes on funds that are withdrawn for qualified medical expenses. 

Long-term care insurance 

Consider the potential benefits of long-term care insurance—especially if your family medical history suggests you’re likely to need at-home or nursing home care to maintain your quality of life. This coverage can help reduce out-of-pocket costs and reduce the negative impact on your net worth over the long term. A long-term care plan may help cover costs for in-home care, assisted living, or even a nursing home. Obtaining coverage before any health issues arise will increase the likelihood of approval. However, long-term care insurance can be extremely expensive, and policies vary significantly in what they cover. For more information, read our Insight “Planning for Long-Term Care Needs.” 

Document your wishes with an estate plan 

Once you’ve crunched the numbers and established a savings plan, it is time to create an estate plan to help ensure that your assets and belongings are distributed in accordance with your wishes. Retirement accounts and insurance policies have named beneficiaries and don’t require a will, but you’ll need a will to transfer other assets, such as your house, jewelry, art, and other personal effects. As a single person, it is even more important to have an estate plan properly drafted, as each state has specific laws pertaining to those who die intestate, or without a will. Absent a will, and depending on your state’s laws, your assets could be distributed to parents, siblings, or other surviving relatives whether or not that was your intent. Additionally, the distribution process can take longer than necessary due to probate and may require court proceedings.  

Another part of the estate-planning process is determining who to appoint as your power of attorney and health care proxy. If you’re unable to speak and act on your own behalf, these appointed designees will serve as your proxies in legal matters and medical decisions, so you’ll want to select people who know you thoroughly and can be trusted to make critical decisions as you would want them made.  

Trusted retirement advisors 

Maintaining your independence and thriving in your later years requires careful, sophisticated financial planning. Establishing relationships with trusted advisors now—including financial advisors and trust and estate attorneys—can help you put an effective and customized plan in place. Reach out to your Cerity Partners advisor or request an introduction today. You can also read more about our Wealth for Women service.

  1. Richard Fry, “A record-high share of 40-year-olds in the U.S. have never been married.” Pew Research Center, June 28, 2023. https://www.pewresearch.org/short-reads/2023/06/28/a-record-high-share-of-40-year-olds-in-the-us-have-never-been-married/ ↩︎
  2. USAFacts, “How has marriage in the US changed over time?” February 11, 2025. https://usafacts.org/articles/state-relationships-marriages-and-living-alone-us/ ↩︎

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