women and investing – Her Retirement

For years, retirement planning has been framed as a quest for the perfect portfolio. The ideal asset allocation. The optimal withdrawal rate. The precise mix of stocks, bonds, and alternatives that will mathematically guarantee success.

But in my experience, perfection has never been the real driver of retirement confidence.

Purpose has.

Women don’t lose confidence in retirement because their portfolios are slightly sub-optimal. They lose confidence when their money doesn’t reflect how they actually live, what they value, or what they’re trying to protect. A portfolio can be technically sound and still fail if it doesn’t feel right to the person holding it.

Research shows that women tend to be less focused on relative portfolio performance and more focused on outcomes, whether their money will support their life, protect them from major setbacks, and align with what matters most to them.

Interestingly, this way of thinking is beginning to surface more broadly across the retirement industry. Recent commentary from Christine Benz, Director of Personal Finance and Retirement Planning at Morningstar, who was awarded the inaugural Realie Award for her blog on the value of a “good enough” portfolio echoes something I’ve believed for a long time: most people don’t need perfect portfolios. They need portfolios they can live with, and stick with.

That conviction and lots of research over the last ten years, is what led me to create Her Purposeful Portfolio™—a framework designed specifically for women who want their money to support not just longevity, but meaning, flexibility, and peace of mind.

The Problem With Chasing the “Perfect” Retirement Portfolio

Traditional retirement advice often assumes that better outcomes come from better math. More precision. More fine-tuning. More comparisons.

In reality, that approach often leads to:

Analysis paralysis
Ongoing second-guessing
Emotional decision-making during market stress
Plans that look great on paper but fall apart in real life

Christine Benz describes two common investor mindsets: maximizers, who endlessly seek the best possible option, and satisficers, who aim for a solution that is good enough to meet their goals.

Her insight is critical for retirees: the incremental gains from optimization are often outweighed by the stress, time, and behavioral mistakes that come with it.

In other words, a portfolio you can stick with often outperforms the one you abandon.

This idea often gets confused with the familiar saying “time in the market beats timing the market,” but it’s slightly different. Timing the market assumes people fail because they misjudge markets. Abandoning portfolios happens because people misjudge themselves. A plan can be mathematically sound and still fail if it doesn’t align with how someone actually experiences risk, uncertainty, and change. Time in the market only works if the portfolio fits the person holding it.

From “Good Enough” to Purposeful

A “good enough” portfolio is a powerful starting point.
A purposeful portfolio is what makes it sustainable.

The Purposeful Portfolio™ shifts the question from..
“What allocation is optimal?”
to
“What is my money meant to do for me?”

Traditional bucket strategies organize money by time horizon. The Purposeful Portfolio™ builds on that idea by organizing money around purpose, and how each piece is meant to feel.

Instead of organizing retirement assets solely by risk and return, the Purposeful Portfolio™ organizes money by function and feeling, because behavior, confidence, and clarity matter just as much as performance.

The Five Pillars of Her Purposeful Portfolio™

1. Security (SecureHER)

What it’s for:
Covering essentials and protecting the rest of the portfolio. This pillar is designed to fund non-negotiables like housing, food, insurance, and basic living expenses while also buffering against market volatility and sequence-of-returns risk, especially in the early years of retirement.

How it feels:
Calm. Reliable. Reassuring. Grounded.

Common tools:
FDIC-insured cash, high-yield savings accounts (HYSAs), money market funds, short-term bonds, T-Bills, and for some women, protected strategies such as fixed or fixed indexed annuities.

In retirement, cash held in an HYSA isn’t just an emergency fund, it becomes part of a Stability strategy that provides liquidity, smooths income, and reduces the need to sell long-term investments during market downturns.

For women who want additional protection, certain fixed or fixed indexed annuities can also play a role in this pillar. These strategies are often used as bond alternatives, offering principal protection with the potential for more upside than traditional bonds, and are frequently designed to create future income later in retirement, rather than immediately.

This pillar exists so the rest of the portfolio doesn’t have to carry emotional or timing risk. When essentials are protected and income pressure is reduced, long-term investments are given the space they need to do their job.

2. Flexibility (LiveHER)

What it’s for:
Travel, hobbies, experiences, spontaneity, and joy.

How it feels:
Free. Ready. Guilt-free.

Common tools:
Balanced funds, laddered CDs, dividend-focused ETFs.

Flexibility is often missing from traditional plans, especially for women who feel hesitant to spend. This pillar gives permission.

3. Wellness (HealthiHER)

What it’s for:
Healthcare, longevity risk, caregiving, and life’s “what-ifs.”

How it feels:
Protective. Grounded. Peace of mind.

Common tools:
HSAs, long-term care planning, health-focused assets.

This pillar acknowledges a reality many plans ignore: health is both a financial and emotional issue in retirement.

4. Growth (FutureHER)

What it’s for:
Long-term security, inflation protection, and future purchasing power.

How it feels:
Empowered. Energized. Strategic.

Common tools:
Equities, diversified index funds, REITs.

Growth doesn’t disappear in retirement, it just becomes more intentional.

5. Legacy (ImpactHER)

What it’s for:
Who—and what—you want to leave behind.

How it feels:
Intentional. Values-based. Enduring.

Common tools:
Trusts, beneficiary planning, donor-advised funds, ESG-aligned strategies.

Legacy isn’t just about inheritance. It’s about meaning.

Why This Framework Matters, Especially for Women?

Women tend to:

Live longer
Earn less over their lifetimes
Take on more caregiving responsibilities
Retire alone more often due to divorce or widowhood

The old rules of retirement planning were not built with these realities in mind.

The Purposeful Portfolio™ recognizes that retirement success is not just about accumulation, it’s about confidence, continuity, and clarity. It creates structure without rigidity and flexibility without chaos.

Where Her Retirement Persona^TM Fits In?

One reason a “good enough” portfolio works for some people—and fails for others—comes down to behavior.

At Her Retirement, we use the Her Retirement Persona™ framework to identify the patterns that shape how a woman thinks about money, risk, freedom, security and her retirement life. It’s not about labels. It’s about understanding how she makes decisions so her portfolio works with her instincts instead of against them.

For example:

A Security Seeker naturally emphasizes stability, predictability, and wellness planning.
An Adventurer tends to weight flexibility and growth more heavily to support experiences and freedom.
A Giver often prioritizes legacy, protection for loved ones, and impact beyond herself.

There is no single correct mix, only the mix that aligns with who she is and how she wants to live. When portfolio design reflects personality, confidence rises and second-guessing fades.

This is where purpose replaces perfection—and where personality comes before portfolio design.

The Real Goal: A Portfolio That Supports Your Life

Christine Benz’s work reminds us that retirement planning doesn’t need to be flawless to be effective. In fact, striving for flawlessness often undermines confidence.

Her Retirement’s concept of the Purposeful Portfolio™ builds on that insight by giving retirees a framework that is:

Understandable
Adaptable
Behaviorally realistic
Aligned with real life

Not perfect.
Not optimized to death.
But intentional, personal, and strong enough to support a long life well lived.

That’s what a good enough portfolio looks like…when it’s built with purpose.

A Purposeful Next Step

If you’re a woman who wants to build a portfolio that reflects who you are, not just what the market expects, one that balances protection, flexibility, growth, wellness, and impact, you don’t have to figure it out alone. We can help connect you with a retirement planner who understands purposeful, behavior-aligned planning for women.

If you’re a financial advisor who wants to build better, more meaningful portfolios for women (portfolios that account for personality, longevity, lifestyle, and real-life decision-making), we invite you to reach out to learn more about the Her Retirement Purposeful Portfolio™ and Retirement Persona™ framework.

Because retirement planning works best when it’s not just technically sound, but personally aligned.

Reach out to me, Lynn Toomey, founder and creator of Her Retirement and Her Purposeful Portfolio at: lynnt@herretirement.com.

Sources & Research

This article is informed by ongoing research and industry studies on women, investing behavior, and retirement confidence, including:

Fidelity Investments, Women & Investing Studies (various years)
UBS Global Wealth Management, Investor Watch reports
Vanguard, research on investor behavior and long-term outcomes
Global Financial Literacy Excellence Center (GFLEC), research on financial confidence and behavior
Morningstar research on retirement planning, investor behavior, and sustainable portfolio design

Should You Take Social Security at 62 and Invest It, or Wait Until 70? (if you can)

August 25, 2025

by Lynn Toomey Blog Income Planning Investment Portfolio Retirement Income Retirement Income Planning Social Security Wealth

When it comes to Social Security, there’s no question that timing is one of the biggest financial decisions of your retirement. The difference between claiming early (at 62) versus waiting until 70 can add up to hundreds of thousands of dollars over your lifetime.

But what if you don’t need the money to live on, but just invest it? Could you take it anyway, invest it, and come out ahead (vs. waiting til 70 to claim and then start investing? Let’s explore both strategies. Let’s look at some lifetime portfolio values from you Social Security benefit.

The Break-Even Age

If you claim at 62, you start collecting smaller checks earlier. If you wait until 70, you collect bigger checks later.

The break-even point — where waiting finally catches up with claiming early — usually happens around age 80–82.
Live past that? Waiting typically wins.
Pass away sooner? Taking early often leaves you ahead.

The difference between claiming at 62 and waiting until 70 can indeed add up to hundreds of thousands of dollars — but it depends on the path you take.

If you claim early and spend it, you lock in smaller checks for life. Waiting until 70 gives you a much larger guaranteed monthly income stream (about 75–80% higher). In our example, that’s the difference between a $2,000/month benefit at 62 and about $3,500/month at 70 — roughly a 77% increase — plus COLA increases even while you’re waiting.

If you claim early and invest the checks, the story changes. By putting that income into the stock market, you’re betting on growth that could exceed Social Security’s built-in 8% yearly increase. If markets deliver, your invested balance could be far greater — but it’s not guaranteed. Investing in the market carries risk…sometimes lots of risk.

In essence, delaying Social Security is like buying a government-backed deferred annuity with inflation protection. Taking it early and investing trades that security for potential upside in a riskier portfolio.

This makes the contrast really clear: “guaranteed annuity-like income vs. risky but potentially higher-return investment.”

What if you claimed at 62 and invested the money, or waited until age 70 and then started investing?

Let’s assume:

Benefit at 62 = $2,000/month
Benefit at 70 = $3,500/month
Investment = 60/40 stock-bond portfolio earning 8% annually
Timeline = Age 62 to 95
Includes a 2.5% COLA (cost of living increase)

The Numbers at Key Ages

(Rounded estimates based on assumptions above)

At 8%, the 62+invest strategy leads until age ~94–95. At 6%, the 70 strategy catches up in your mid-80s. At 5%, waiting at 70 pulls ahead by ~85 and never looks back.

Claim at 62 & Invest

Longevity risk: if you live into your 90s, waiting until 70 produces more lifetime income unless your investments deliver consistently high returns.

Pros:

Immediate cash flow — assuming you don’t need it, you can put it to work right away (think time in the market).
Compounding advantage: those 8 extra years of contributions and growth give you a strong lead through your 70s and 80s.
Flexibility and control over how the money is invested or spent.

Cons:

Market risk: if long-term returns are closer to 5% than 8%, the “early & invest” edge disappears by your mid-80s.
Behavioral risk: discipline is required not to spend the money instead of investing.
Lower guaranteed base income — your check will always be smaller than if you had waited, which could hurt if you live into your 90s and markets underperform.

Claim at 70 & Invest

This is the risk-free path — Social Security’s ‘delayed retirement credits’ are guaranteed, while market returns are not.

Pros:

Significantly bigger monthly check for life (about 75% higher than at 62).
Guaranteed, inflation-adjusted income — protects you from longevity and inflation risk.
Survivor benefit for a spouse is higher, which matters for couples.
If invested, the larger checks grow meaningfully and can eventually catch up — by age 95 in the 8% return scenario, or as early as 85 in a 5% return world.

Cons:

You need to live long enough for the bigger checks to catch up.
You give up 8 years of potential compounding (the opportunity cost is clear in the charts).
Requires other reliable income or assets to bridge the gap until 70.

Framing:

- At 62, you’re leveraging time in the market.
- At 70, you’re leveraging guaranteed higher income for life.
- Both can “work” — which is better depends on longevity, market performance, spending discipline, and spousal situation.

The below chart shows what happens if the returns are more like 5% on the age 62 benefit. Ate age 85, the 70 claiming age begins to look better financially.

The Bottom Line

If you’re confident in your health and expect to live well into your 90s, waiting until 70 gives you a much larger guaranteed monthly income stream (about 75–80% higher). In our example, that’s the difference between a $2,000/month benefit at 62 and about $3,500/month at 70 — roughly a 77% increase — plus COLA increases even while you’re waiting.
If you don’t need the income and have the discipline to invest it, claiming at 62 and investing can keep you ahead for decades — but the strategy depends heavily on market returns.
If you need the income right away, claiming at 62 is the practical choice, regardless of the math.
Ultimately, Social Security is personal. The “right” claiming age depends on your health, wealth, goals, risk tolerance, and whether you have a spouse depending on your benefit.

Want to see your break-even age — and whether claiming early or waiting makes sense for you? Inside the Her Retirement Collective, we’ll run your Social Security strategy side by side so you can make the best decision for your life. Reach out to us at: retire@herretirement.com and we can help you Know More, Have More & Live More.

You Had the Power All Along: Women, Wealth & The Wizard of Oz

March 11, 2025

by Lynn Toomey Blog Financial Literacy Investment Portfolio Wealth

At the end of The Wizard of Oz, Glinda the Good Witch delivers a powerful truth to Dorothy:

“You’ve always had the power, my dear. You just had to learn it for yourself.”

Dorothy didn’t need a wizard to save her. But she did need confidence, knowledge, and guidance to realize what she was capable of.

The same can be said for women and investing. Women have all the skills and instincts to be successful investors, yet they’ve been told for generations that finance is a man’s world. The data tells a different story:

Women Are Financial Powerhouses—Even If They Don’t Believe It

Women already have the intelligence, instincts, and skills to build and manage wealth. The problem isn’t ability—it’s confidence and intent.

The Data Proves It:

Women drive 85% of household purchasing decisions and control trillions in spending.
Women outperform men as investors—both as individual investors and financial professionals.
Women trade less, take a disciplined approach, and stay focused on long-term goals—leading to better financial outcomes.

During bear markets, women outperform men by 1.3 percentage points (Openfolio).

But the Confidence Gap Holds Women Back:

Only 9% of women believe they’re better investors than men—despite data proving otherwise.
Women are twice as likely as men to describe themselves as “financially insecure,” regardless of actual income.
82% of married men handle major investment decisions alone, even when women manage daily finances.
40% of female investors feel ignored by financial advisors, reinforcing the belief that money isn’t their domain.

Meanwhile, Women in Leadership Drive Financial Success:

Companies with more women in leadership outperform their competitors over time.
Gender-diverse investment teams make better decisions and have lower failure rates.

So, if women already make the best financial decisions, why do so many hesitate when it comes to long-term investing, retirement planning, and building real wealth?

How Women Can Become Better InvestHERs

Just like Dorothy, women don’t need permission to take control of their financial futures—they already have what it takes. But becoming a confident investor requires knowledge, action, and engagement. Here’s how:

Build Your Investing Knowledge

Take advantage of financial education resources like books, podcasts, and online courses.
Follow female finance experts and investment professionals.
Learn the basics of asset allocation, diversification, and risk management.

Start Where You Are

If you’re not investing yet, start small with index funds or ETFs.
If you already have investments, review your portfolio and ensure it aligns with your long-term goals.
Increase contributions to retirement accounts like a 401(k) or IRA.

Work with a Financial Advisor Who Listens

If you already have an advisor, make sure they respect your input and include you in conversations.
Look for an advisor who understands the unique financial challenges and strengths of women investors.
Don’t be afraid to ask questions or seek a second opinion.

Get Involved in Major Investment Decisions with Your Partner

Schedule money meetings with your spouse or partner to discuss investments, retirement planning, and long-term financial goals.
Make investment decisions together—ensure you have access to accounts and understand the overall strategy.
Speak up! Your perspective and insights matter, and being actively involved can help ensure both partners feel financially secure.

Join a Community of Women Investors

Connect with other women who are on the same journey—whether through investment clubs, networking groups, or online forums.
Share experiences, learn from others, and gain the confidence to take control of your financial future.

Final Thoughts: You CAN Get Her Done—And We’re Here to Help

Just like Dorothy, you’ve had the power all along—but confidence, knowledge, and the right guidance are what make that power work for you.

That’s where Her Retirement comes in. We fill the gaps in:
✔ Knowledge – Learn how to invest, build wealth, and secure your financial future.
✔ Confidence – Break free from doubt and take control of your money.
✔ Guidance – Get expert support, proven strategies, and a plan to Get Her Done.

You don’t need a wizard, a magic wand, or permission from anyone else. You just need to take the next step.

Ready to take charge of your financial future? Let’s Get Her Done.

Her Retirement

Posts tagged: women and investing