Retirement Planning for Real Life: Tips for Women at Every Stage

Let’s be real: planning for retirement can feel like one more thing on a never-ending to-do list. Between juggling everyday expenses, careers, caregiving, and everything in between, saving for “someday” often takes a backseat. But here’s the truth: retirement planning is one of the most powerful things you can do for your future self—and it’s never too late to start.

In a recent Money Talks session, we sat down with Kelly Reddy-Heffner, a Purse Strings Approved Professional, to unpack what retirement planning really looks like for women—at any age or stage.

Why Starting Early Matters (But It’s Okay If You Didn’t)

If you’ve ever heard the phrase “time is money,” it’s especially true when it comes to retirement. Thanks to compound interest, even small contributions made early can grow into something powerful. Kelly reminded us to start where we are. Whether you’re in your 20s or 50s, the goal is the same: consistency over perfection.

If you have access to an employer-sponsored plan like a 401(k) or 403(b), start there. In 2025, you can contribute up to $23,500—with additional “catch-up” contributions if you’re over 50. And if your employer offers a match? That’s free money on the table—grab it. “A clear vision of what you want in retirement can help you stay motivated in the here and now.” — Dr. Barb Provost

No 401(k)? No Problem.

If you’re an entrepreneur, freelancer, or work for a company without a retirement plan, don’t worry—you still have options:

• Traditional or Roth IRAs (limit is $7,000 in 2025, plus catch-up)
• Solo 401(k)s or SEP IRAs for the self-employed
• Spousal IRA contributions if you’re married but not earning income yourself

Retirement planning isn’t just for W-2 employees. The right strategy depends on your situation—and the good news is, there’s a plan out there for you.

Automate, Diversify, and Keep It Simple

One of the most powerful tools in retirement planning? Automation. Set up automatic contributions from your paycheck or bank account so you’re saving consistently—no matter what the market’s doing or how busy life gets. Kelly also recommends maintaining a diversified portfolio (that means a healthy mix of stocks, bonds, and other assets) to balance risk and long-term growth. You don’t need to be a financial expert. You just need a plan that works while you sleep.

Know Where Your Money’s Going

Before you plan for the future, take a good look at the present. Where is your money going right now? Tools like our “Where’s My Money Going?” worksheet can help you get clear on your spending—so you can spot areas to shift, save, or simplify. “Getting uncomfortable now can make your future a whole lot more comfortable.” —Dr. Barb Provost

Action Steps You Can Take Today

Your retirement journey doesn’t need to be perfect to be powerful. Here’s where to begin:

• Enroll in your employer plan and maximize that match
• Open an IRA or talk to a pro about solo 401(k) options
• Set up automatic transfers (even $25/month is a start)
• Get clear on your spending and future goals
• Talk to someone—your financial future shouldn’t be a solo project

Kelly’s biggest piece of advice? Just start. Even small tweaks now can lead to big results later.

Retirement Is a Conversation Worth Having

Retirement planning isn’t about deprivation—it’s about design. Designing a life that gives you freedom, peace of mind, and the ability to make choices on your own terms.

At Purse Strings, we’re here to make sure no woman gets left behind when it comes to financial independence and to help you build a business—and a financial future—you can stand on with confidence. Make sure you register for the next Money Talks session. To connect with a Purse Strings Approved Professional, check out our directory to find an expert!