Financial Freedom: Steps to Creating a Work-Optional Lifestyle

Article Summary

• Retirement looks different for everyone, and it begins at different ages. Full retirement for Social Security benefits now officially begins at 67.
• Women often retire at a younger age than men for a variety of reasons.
• A “work optional” lifestyle often involves financial preparation for future expenses.

Financial Freedom: The Joy Of A Work Optional Lifestyle

The official age for “full retirement” in the U.S. has advanced in recent years. Where it had been 65 for quite some time, it is now 67, at which time individuals can access their full Social Security benefits. This age marker, of course, is strictly designated for collecting federal benefits.

In reality, a person’s retirement age is whenever they stop working. Sometimes that is by choice and sometimes it comes as a surprise, due to unforeseen circumstances. Trends indicate women generally retire earlier than men, by a few years. The reason behind this varies, but the New York Times reports many women leave the workforce earlier than men because they more often experience career interruptions due to family responsibilities, often marry older men who reach retirement before they do, or they simply face involuntary retirement at a younger age.

While it is common for women to retire at a younger age, it is also common for women to spend extra time thinking about retirement income planning. For many people, Social Security benefits may only cover part of retirement living expenses, which is one reason retirement planning is a topic many households consider. 

For some individuals, a “work optional” lifestyle reflects having resources that support more choice around employment. When work is optional, a wider spectrum of lifestyle choices become available. 

Work Optional Financial Planning For Women

For individuals interested in a work optional lifestyle, financial planning is often part of the broader conversation. Life comes with expenses. Preparing for those expenses, especially in retirement, may require an individual to analyze their personal financial assets. When people assess their financial picture, they may look at resources such as savings, investment accounts, real estate or other income sources.  

Common retirement considerations may include timing, available resources, legacy preferences, and unexpected expenses. 

Many women have said they trust that financial advisors could help guide them when planning for retirement, although only a fraction of them actually seek that professional advice. Retirement contingency planning can be complex, and many women in particular have expressed that they feel intimidated by the process for a variety of reasons. While working with a fiduciary, many women have found they feel more confident about their financial future.

At Svvy®, we understand that feeling. It is one of the reasons Svvy® matches women, who are interested in working with a financial expert, with female-vetted fiduciaries. Women understand the challenges other women face, and that includes a desire for a work optional lifestyle. 

If you are looking to connect with a financial advisor who works with women, Svvy®  offers a matching process designed to help identify advisors aligned with your preferences. The free Svvy®  match quiz, available on our website, is the first step in the process. 

If you would like to be connected with a female-vetted expert, learn more about Svvy’s matching process, or learn how you can take the next step toward a clearer financial picture, get matched with a Svvy®  expert today. 

Disclosure: This content is provided for general educational purposes only and does not constitute individualized investment, legal, or tax advice. Svvy®  acts solely as a solicitor and connects and matches individuals with independent third-party financial professionals through a quiz-based matching process on the Svvy®  Network. Matching is based on information provided through Svvy’s platform and does not constitute any advice. Any advice, recommendations, and services are provided only by the independent professional you choose to engage.