How financial professionals can close the gender gap in retirement planning

When we talk about “good financial planning,” we often talk as if it’s gender-neutral: earn, save, invest, retire.

But the reality behind those steps is not the same for men and women, and pretending it is widens the gaps we aim to close. Add in unique emotional considerations, social pressures, and life trajectories (caregiving interruptions, longevity, widowhood, and the reality that women are more likely to manage finances alone at some point) and it becomes clear that women need planning that suites their reality.

Start with the numbers. While the gender gap has narrowed, women earned on average 85% of what men did, according to Pew Research¹. This shortfall doesn’t just mean less money in the checking account today. It means smaller retirement plan contributions, fewer chances to benefit from market compounding, and less flexibility to absorb a job loss, a health event, or a family emergency. Over decades, “a little less” becomes “dramatically less.”

Next, consider the arc of a typical life. Women are more likely to step out of the workforce for caregiving, more likely to live longer, and more likely to experience retirement as a single person. Each of those realities changes what “success” looks like. The emotional side matters, too. Many women carry a quiet, persistent pressure to be the reliable adult for everyone else, children, aging parents, partners and communities.

This points to a broader planning need centered on predictability. For many women, strategies that convert savings into reliable, lifetime income aren’t about being conservative; they’re about managing longer timelines with fewer second chances. This is where guaranteed income enters the conversation as a practical response to real constraints.

Research on women approaching retirement underscores this. Alliance for Lifetime Income’s Protected Retirement Income and Planning (PRIP) study² focused on “Peak 65” adults ages 61 to 65. It showed that 61% of women said they were extremely interested in a financial product that guarantees lifetime income, compared with 53% of men. The results provided clear insight into what women value most: the ability to fund a longer retirement with fewer do-overs.

Women value financial planning, according to 2025 research from the CFP Board³, so we know trusting and working with a financial planner isn’t the problem. And yet, women are less likely to be offered the very tools that could help meet that preference.

The industry often frames this as a “demand” issue, or women aren’t asking and therefore creating that demand. But that interpretation ignores how advice is delivered. If the default conversation centers on accumulation and market returns, clients who are prioritizing stability may self-select out, feeling like they aren’t being heard or aren’t understanding the conversation.

From our perspective, this is a structural disconnect. Many financial planner playbooks still assume a male primary earner, and onboarding and communication patterns prioritize performance over purpose. Add the social scripts women have been taught – such as don’t appear demanding, don’t “waste” the financial planner’s time, defer to the expert – and it’s easy to see how a client can leave a review meeting with plenty of charts and still no plan for paycheck-like income.

Financial access and tailored solutions are critical infrastructure for achieving gender equality. When women can reliably convert savings into sustainable income, they gain choices. For some this might be to leave a bad job. For others it might be to care for family without sacrificing their own future. When they can’t, they’re forced into trade-offs that look personal but in reality, are systemic.

A few things need to change.

First, consistency. If guaranteed income could reasonably fit a plan, it should be presented regardless of gender. Financial planners can’t wait for clients to request an annuity any more than a doctor should wait for a patient to request a specific diagnostic test.

Second, language. Many consumers (women and men) don’t wake up thinking in product categories; they think in outcomes. “How much predictable income do you want every month?” is a better starting point than “How do you feel about annuities?”

Third, scenario planning. Stress-test for the realities women face more often like longevity, time out of the workforce, caring for others, etc. Guaranteed income planning, whether through Social Security optimization, pensions, or annuities, belongs in that stress test.

The industry needs to invest in financial planner capabilities beyond product education to include human education. Providing financial planners with the tools and training needed to speak to different audiences is essential. This could be as simple as how to run meetings where both partners participate. That training should be paired with accountability, meaning institutions should track who gets offered which solutions and treat unexplained disparities as a business risk.

We’re in the middle of a broader conversation about gender equality, pay equity, caregiving support and career opportunity, and retirement security is where all of those issues cash out. Women are telling us, plainly, that guaranteed income matters to them, and yet many aren’t learning about these products.

This is a gap. Close that gap, and you expand who has a real opportunity at financial independence.

Elle Switzer is the director of Annuity Product Management for TruStage.

TruStage® Annuities are issued by CMFG Life Insurance Company (CMFG Life) and MEMBERS Life Insurance Company (MEMBERS Life) and distributed by its affiliate, CUNA Brokerage Services, Inc., Member FINRA/SIPC, a registered broker/dealer, 2000 Heritage Way, Waverly, IA, 50677. Investment and insurance products are not federally insured, may involve investment risk, may lose value and are not obligations of or guaranteed by any depository or lending institution. All contracts and forms may vary by state and may not be available in all states or through all broker/dealers.

TruStage® is the marketing name for TruStage Financial Group, Inc. its subsidiaries and affiliates. Corporate headquarters are located in Madison, Wis.