Women face unique challenges when managing their finances. While some of their life events can be similar to those of their male counterparts, the effects may be much different. Here are a few financial obstacles you may face as you get closer to retirement. 

1. Under-Funded Retirement. Women often have less saved up for retirement as they approach it. A few common reasons include lower lifetime earnings, focusing on family instead of personal savings, and career pauses. Whatever the reason, though, you may need to catch up on retirement in order to avoid serious problems later. This can call for somewhat aggressive strategies to boost accounts. 

2. Late Life Divorce. Late-life divorce happens to both men and women, but women may fare worse on the financial end. Without proper legal protection, assets they may have brought into the marriage could become marital property. And the woman's earning power may have been reduced due to caring for the family. Divorce may also cause a woman to have to re-enter the workforce later in life, bringing its own financial challenges. 

3. Single Retirement. Women tend to outlive men on average, so a significant number of them navigate retirement without a partner. Retiring as a single individual usually comes with less of a nest egg and a less stable financial situation. You also must deal with end-of-life planning issues including incapacitation, estate planning, and trusts. Losing a partner during retirement is also a big financial and personal change. 

4. Family Obligations. Caring for family can be a tricky issue as you approach retirement. With multiple priorities, including children and grandchildren, as well as other family members, retirement planning and personal wealth management can sometimes take a backseat. Balancing these financial and personal priorities calls for an active strategy to ensure you can pursue all your interests. 

5. Pursuing New Interests. Modern women are increasingly interested in pursuing non-traditional retirement activities. This could include things like finally getting that degree, starting a business, committing to volunteering, working with adult children, writing a novel, or restarting a long-paused career. Retirement provides the time, but retirement planning must provide the means to fulfil these dreams. 

Could your retirement benefit from help meeting any of these challenges? If so, your best source of assistance is an experienced wealth management professional with years of experience helping both men and women face their common and unique circumstances in retirement. Call today to make an appointment with a wealth management advisor to discuss your particular situation.