Ep # 140 - Women & Wealth: Smart Retirement Planning for a Confident Future with Russ Thornton
Joe Curry sits down with Russ Thornton, financial planner and founder of Wealthcare for Women, to talk about the unique financial needs of women in retirement. From longevity risk to income gaps and investing confidence, they explore why simplicity, education, and personalized advice are essential for empowering women to retire with confidence.
Key Takeaways
Women face unique retirement challenges: Longer lifespans, wage gaps, career breaks, and caregiving roles all impact financial security.
Confidence, not competence, is often the barrier: Many women are smart investors but lack confidence due to industry jargon and historic exclusion.
Start with where you are: Knowing what you earn, own, and owe is foundational for retirement readiness.
Retirement doesn't have to mean 'stop working': Reframing retirement as financial independence or work optional offers more flexibility and freedom.
Simple is powerful: Effective retirement plans don’t need to be complex—simplicity builds confidence and clarity
Ideas Worth Sharing
“Most women aren't lacking competence, they’re just lacking confidence—and that can be overcome with education and patience.” – Russ Thornton
“Retirement isn’t a cliff. It’s a transition. And you don’t have to go it alone.” – Joe Curry
“I think retirement planning should be simple. If you can’t explain your plan to a 6-year-old, it might be too complex.” – Russ Thornton
“Women tend to be better long-term investors because they don’t chase performance—they focus on what money means in their lives.” – Russ Thornton
“Approachability is key—our job isn’t to judge, it’s to guide with empathy and clarity.” – Joe Curry
Resources
Russ Thornton’s Website
Primary site where listeners can learn more about Russ’s philosophy, services, and get in touch.
Russ Thornton’s Substack Newsletter
A weekly email newsletter where Russ shares retirement and financial planning insights specifically geared toward women.
Empowering Women for a Confident Retirement: Essential Financial Planning Strategies for Women
In today's economic landscape, retirement planning for women presents unique challenges that require specialized strategies and thoughtful consideration. On a recent episode of Your Retirement Planning Simplified, financial advisor Joe Curry interviewed Russ Thornton, a seasoned financial planner with over 30 years of experience who specializes in women's financial planning and helping women navigate the complexities of retirement with confidence.
The Unique Retirement Challenges Women Face
Women encounter several structural disadvantages when building their retirement savings. These factors create a more complex financial planning landscape specifically for women:
Career interruptions for family caregiving responsibilities
Persistent wage inequality throughout their working years
Longer life expectancy requiring more retirement assets
Less time in the workforce leading to smaller government benefits amounts
Thornton emphasizes that for many women, the issue isn't competence—it's confidence. "Many women possess exceptional financial capabilities," Thornton notes, "but retirement confidence often lags behind their actual abilities."
Addressing the "Bag Lady Syndrome" in Retirement Planning
One of the most revealing insights from the podcast was Thornton's discussion of what financial professionals call the "bag lady syndrome"—a prevalent fear among women of ending up financially destitute and alone in later life.
"One of the biggest fears I hear from women is the 'bag lady' syndrome—the fear of being broke and alone later in life," Thornton explains.
This fear can lead to problematic financial behaviors:
Overly conservative investing that doesn't keep pace with inflation
Complete avoidance of retirement investment planning
Emotional rather than strategic financial decision-making
Leveraging Women's Natural Financial Strengths
Despite these challenges, Thornton highlights that women often possess natural advantages when it comes to long-term financial planning:
Greater focus on long-term financial goals rather than short-term gains
Less tendency toward performance-chasing and market timing
More willingness to seek and follow professional financial advice
Better at creating comprehensive financial plans that consider family needs
Reframing Retirement: The Financial Independence Approach
Both advisors advocate for a fundamental shift in how women conceptualize retirement. Rather than viewing it as a hard stop to work, they encourage thinking in terms of:
Financial independence milestones
Creating a "work optional" lifestyle
Flexible retirement planning that allows for changing priorities
Retirement income strategies that support various life phases
"The modern concept of retirement planning isn't about stopping work completely," says Curry. "It's about creating the financial freedom to make choices—whether that means reducing hours, starting a passion project, or switching careers later in life."
The Power of Simplicity in Women's Retirement Planning
In a world of complex financial products and strategies, Thornton emphasizes that simple retirement plans often perform best.
"Your retirement plan shouldn't be so complicated you can't explain it to your granddaughter," he advises.
This focus on simplicity helps women:
Better understand their own retirement strategy
Identify potential conflicts of interest
Avoid unnecessary fees that erode retirement savings
Maintain control over their financial future
Choosing the Right Financial Advisor for Women's Retirement
The podcast highlights a concerning trend: many women fire their financial advisor after a spouse dies. This suggests many advisors fail to create meaningful relationships with both partners or don't address women's specific retirement concerns.
When evaluating a potential financial advisor for women, Thornton suggests asking:
How are you compensated, and do you have any conflicts of interest?
What experience do you have working with women in similar situations?
How will you help me achieve my specific life goals, not just investment returns?
Will you help educate me about my options in clear, straightforward language?
Starting Late: Retirement Catch-Up Strategies for Women
For women who feel behind on retirement planning, both advisors offer reassurance and practical advice.
"Being late to the game doesn't mean you're out of options," Thornton emphasizes. "The best retirement planning time is today, regardless of age."
Key retirement catch-up strategies include:
Maximizing catch-up contributions to retirement accounts after age 50
Strategic Social Security claiming to maximize lifetime benefits
Creating multiple streams of retirement income
Developing a realistic retirement budget that prioritizes needs and values
Taking Control of Your Retirement Journey
Thornton's final advice centers on empowerment: "Women should take control, focus on what they can influence, and seek advice tailored to their specific life circumstances and values."
This means:
Developing a personalized retirement plan that reflects your unique situation
Building financial literacy through reliable resources and education
Creating a diverse retirement portfolio that balances growth and security
Working with professionals who respect your goals and communication style
As Thornton wisely concludes: "Life's already complicated enough—your money doesn't have to be."
For more information on women's retirement planning, financial independence strategies, or to schedule a personalized retirement consultation, contact our office today.