Why Retirement Can Be Tougher for Single Women (and What to Do About It)

Retirement planning is rarely easy. But for single women with no children, the path has extra twists and turns. You’re building your future without some of the built-in supports that married or partnered folks often depend on. That does not mean you can’t retire well. It just means you need to plan smart, anticipate more and occasionally push a little harder.

According to the U.S. Treasury, in 2023 women working full-time earned about 82.7 cents for every dollar a man earned, with larger gaps for women of color. That pay gap shows up in retirement more than many expect. Let’s map out the tricky spots many single women run into, and what you can do now to get ahead.

Why do single women often retire with less money?

Lower lifetime earnings stack up. When you make less, every contribution to your retirement account is smaller. Over decades that difference grows.

Many single women also take on caregiving responsibilities for aging parents, relatives or even friends that aren’t always planned. Even without children, caregiving can lead to reduced hours or career breaks. The Georgetown Center for Retirement Initiatives found that women who are not living with a spouse or partner are significantly less likely to hold retirement savings accounts than similarly aged women who are married or partnered (Source: Georgetown CRI).

Jobs with fewer benefits hurt too. If you work part time or in roles that don’t offer employer matching for 401(k)s or other retirement plans you lose out on savings and compound interest.

How does living longer make your retirement costs grow?

One of the greatest advantages of being a woman is your likely longer lifespan. But that also means your retirement savings must last longer.

Life expectancy for women is typically several years more than men. That’s more years of housing, health care, food and all the things that make life comfortable. The Social Security Administration shows that average monthly benefits are already lower for women. In 2023 retired men received $2,020 per month, while retired women received $1,638 (Source: SSA Annual Statistical Supplement). Stretch that gap across 20+ years and the difference becomes significant.

Health care costs also add up. Women often face higher lifetime medical costs, both because of longer life and because of higher rates of chronic illness as they age (not to mention the sub-par treatment and support we typically receive). Add long-term care and it climbs even more.

What makes Social Security and other safety nets less protective when you’re single?

Social Security is an important pillar for many, but it was never designed exclusively for single people without other sources of income or spousal benefits.

If you’ve never been married, or if your earnings were intermittent or part time, your own Social Security benefit might be the only thing you have. Married people often can tap into spousal or survivor benefits. Single women usually cannot.

That difference of the average social security benefit between men and women? It’s about $400 every month. Over 30 years of potentially taking Social Security benefits, that can add up to about $150,000.

Also, many single women don’t have secondary income sources (spousal, partner’s estate, etc.) as backup. That makes it more important to maximize what you do have, delay claiming Social Security if possible, ensure your earnings record is strong and plan for guaranteed income.

What financial stressors hit single women harder?

Less breathing room. Rising costs of housing, utilities, food and all the everyday things affect everyone. But if you’re covering them solo, the margin for error shrinks. According to Annuity.org, 42 percent of women plan to have less than $3,000 per month in retirement income, compared to 27 percent of men (Source: Annuity.org).

Emergency expenses. A car breakdown, a health scare or a job loss affects you fully. Without shared income or shared liabilities, these risks carry more weight.

Outliving your savings. Because women tend to live longer, there’s a higher chance of depleting retirement savings too early or running short in late retirement. Planning both for steady withdrawals and backup income sources becomes vital.

How do emotional and non-financial barriers make planning feel harder?

It’s not just numbers. The mental load of retirement planning when you’re doing it alone can be heavy.

You might have a lot of “what ifs.” What if I become ill, or what if inflation erodes savings or what if retirement lasts 30 years or more. Without someone else to share those concerns with, the fear can feel bigger.

You may also see less content or advice aimed at your situation. Many financial tools, calculators and guidance assume you’re part of a couple or that spousal/survivor benefits are part of your plan. That means advice tailored for women without children or single status is harder to find.

What actionable steps can you take now?

You don’t have to do everything overnight, but starting early and making some deliberate choices builds powerful momentum. Here are strategies that help even the playing field.

1. Start saving aggressively now, even if you can only begin with small amounts. Compound growth is powerful.
2. Set aside emergency savings you can access easily. That gives flexibility if an unexpected cost comes up instead of dipping into longer-term retirement savings.
3. Estimate medical and long-term care costs as part of your plan. Use conservative assumptions. It’s better to overestimate than be caught short.
4. Maximize work opportunities with benefits. Choose jobs with retirement matching, negotiate pay or promotions or consider side income with growth potential.
5. Delay claiming Social Security if you can. Waiting until full retirement age or beyond increases monthly benefits.
6. Invest in guaranteed income options such as annuities or products that offer steady streams, where appropriate, to reduce risk in later years.
7. Seek advisors & resources knowledgeable about single, childfree retirement realities. You deserve advice and planning that reflects your lived experience.

What questions should you ask yourself today?

These are useful for reflection and action. Pick a few and answer them honestly. Use them as guardrails for your retirement mindset.

• What age do I realistically want to retire at, and how many years of retirement life must my savings support?
• What medical conditions, family history or lifestyle choices might affect my longevity and health costs?
• What fixed and variable expenses will I have during retirement (housing, travel, health, care)?
• What savings, benefits or insurance do I already have? What gaps exist?
• Have I prepared legal protections like wills, powers of attorney or estate plans in case something unexpected happens?

You do not have to be partnered or have children to retire well. But it helps to see the full picture. The realities for single women are different. You may earn less, live longer and have fewer built-in supports. Knowing what’s ahead gives you power to choose differently.