Turning 60 often prompts a reevaluation of life’s priorities, especially financial ones. For women, this decade offers a chance to strengthen independence, build wealth, and create meaningful change. Inspired by Melinda French Gates’ work, here are 10 practical ways women in their 60s can grow financially while shaping their influence and future.
Prioritize Financial Independence
A 2021 Pew Research study found that in 69% of heterosexual marriages, husbands out-earn their wives. This disparity underscores the importance of women establishing their own financial autonomy. Melinda Gates emphasizes that when women control their earnings, household incomes grow, and families thrive.
Diversify Your Investments
Diversification is key to financial resilience. By separating investments across various asset classes, you can mitigate risks and enhance potential returns. This strategy is particularly important for women in their 60s, aiming to protect their retirement savings from market volatility.
Embrace Philanthropy As A Financial Strategy
Including charitable giving in your financial strategy can lead to both personal fulfillment and tax advantages. As an example of how philanthropy can be a potent instrument for both personal legacy and societal change, Melinda Gates has committed more than $1 billion to empower women and girls.
Plan For Longevity
Today’s women over 65 can anticipate living an additional 21 years on average. This longevity necessitates careful financial planning to ensure that retirement savings last throughout your lifetime. Regularly reassessing your financial plan can help accommodate changing needs and expenses.
Invest In Women-Led Businesses
Melinda Gates champions female entrepreneurs through Pivotal Ventures, backing funds like Growth Warrior Capital. For women in their 60s, investing in women-led ventures supports financial growth and aligns with Gates’ mission of expanding women’s economic power, one smart dollar at a time.
Establish An Emergency Fund
A few things disrupt a retirement plan, such as an unplanned expense. When life doesn’t go according to schedule, a properly sized emergency fund cushions the blow, keeps your portfolio intact, and puts you in control—financially and emotionally.
Reevaluate Estate Plans Regularly
Life changes can happen suddenly and affect your financial legacy. Reviewing your estate plan regularly is important. It’s not just paperwork. It helps protect the people and causes you care about most and also makes sure your wishes stay up to date as your life changes.
Support Women-Centric Financial Platforms
Investing in platforms that prioritize women’s financial needs can yield both personal and societal benefits. Ellevest, co-founded by Sallie Krawcheck and supported by Melinda Gates’s Pivotal Ventures, offers investment solutions tailored for women, acknowledging factors like longer lifespans and career breaks.
Engage In Financial Education
A quick class or two might seem small, but it can seriously boost your money confidence. You can discover more intelligent ways to manage your money and prevent unpleasant surprises after retirement by using online resources, attending workshops in groups, or speaking with a financial advisor.
Advocate For Policy Changes
Economic reforms that improve workplace conditions and healthcare access for women are a major focus of Melinda Gates’ efforts. Women in their 60s can play a key role in supporting or driving these changes, helping create lasting financial benefits that go beyond managing personal budgets or investments.
