How Women Are Redefining Financial Empowerment

The conversation about women’s empowerment is evolving, and so are women’s thoughts about their economic independence. For women, building enduring and meaningful futures is important as ever. It’s critical to embrace the opportunity to plan ahead  and turn the conversation around  saving for retirement  from one of anxiety to one of long-term economic empowerment.

At Her Agenda, it has always been about enabling women to bridge the ambition-realization gap by addressing the real issues we face: career development, wealth building, and sustained security. Today, with economic uncertainty and the rising cost of living  reshaping the financial landscape, taking advantage of your Pretirement years to set yourself up for long term financial security is more important than ever. 

Pretirement refers to the period in people’s lives – typically during their 40s and 50s – when they are closer to retirement than they are to the start of their career and beginning to plan for the next phase of their life. During these years, it’s important to make strategic financial decisions today to ensure tomorrow’s stability and security. To help you understand your financial situation and make those strategic decisions, the Ad Council and AARP have created ‘This Is Pretirement’ a national campaign that empowers women with the free tools and resources to help them prepare for retirement. 

For women, the imperative is clear. According to a recent AARP survey, more than 1 in 5 (22%) adults have no retirement savings.  For Black women, the statistics are even more sobering — just 49% have retirement savings, compared to 61% of U.S. adults overall. Additionally, 52% of Black working adults lack access to a workplace retirement plan, creating an even steeper uphill climb toward financial security.

That’s why Her Agenda’s collaboration with AARP and the Ad Council’s for the “Stacked: Saving, Planning, and Playing with Intention” event is a game-changer. In collaboration with the “This Is Pretirement” campaign, the event reinforces Pretirement as an intentional, empowering chapter in women’s lives.

Jamila Souffrant, founder of Journey to Launch, author of Your Journey to Financial Freedom and panelist at the “Stacked” event, set a goal to reach financial independence and retire early at the age of 40. After two years of aiming for that goal, she decided to pivot and launch her personal finance-focused business. 

“Savings are meant to save you in times of emergency and to do the things you want in life, and so in order to do that, you do have to build that savings muscle,” Jamila told ABC 7 News. “And it doesn’t happen overnight, but it is something you can build, it is a learnable skill.”

Her Agenda’s founder, Rhonesha Byng, built the site on the belief that no one ever slows her agenda, which includes financial empowerment. Through editorial content, online presence, and community, Her Agenda unites motivated women with resources and stories that take action. It’s not just about knowing your goals, it’s about having a plan and support system to achieve it.

Lori Trawinski,senior director of finance and employment at AARP and panelist at the “Stacked” event, is an expert on financial management, foreclosures, reverse mortgages, and consumer debt issues. Lori told KBTX people over the age of 50 are carrying credit card debt more than any other type of debt at this moment.

“As a society, we look at credit card debt and think people are making bad decisions and they are impulse purchases. What our research found was a lot different,” she said. “Everyday expenses. We’re talking about medicine, things you need to live each day – and those are major contributors to the credit card debt. So, it’s not about fancy vacations, it’s about trying to live.”

Practical steps women can take to embrace Pretirement:

• Start with clarity. Define what financial independence will look like for your lifestyle and values.
• Move forward with intention. Budget, save, and invest with a long-term view. Find personalized resources to help you get started on these goals and more at ThisIsPretirement.org. 
• Lean on the community. Join networks like Her Agenda that provide mentorship, workshops, and peer inspiration.
• Continuously learn. Keep abreast of shifting economic trends that directly affect women.

With more women becoming entrepreneurs, business leaders and media leaders, financial literacy is becoming a bedrock of empowerment. Taking advantage of their Pretirement years gives women the scaffolding to live confidently today and create financial freedom for tomorrow. It’s all about moving from survival mode to deliberate living.

Dasha Kennedy, financial activist, advocate, and creator of the Broke Black Girl is also a panelist for the “Stacked” event. Dasha has first hand experience living in financial hardship, and has walked the path to financial empowerment, learning along the way how important it is to be aware of the steps you can take to set yourself up for success.

“Avoidance costs money,” Dasha told GoBankingRates.com. “Awareness saves it.”

If you’re a founder of a company or are self-employed and lack the traditional retirement savings resources often provided by larger companies, saving for the future has to be a priority. ThisIsPretirement.org has resources to help you create your own personalized retirement savings action plan, no matter your career path.  Some of the tips on the site include:

• Create Your Retirement Budget:The AARP Retirement Calculator shows you the long-term benefits of your retirement savings plan contributions, and helps you determine the amount of money you’ll need to retire. It helps you answer questions like, “am I saving enough?” and “when can I afford to stop working?”
• Take The 2% Challenge: If you’re just starting out with your saving, or you got off track, try saving 1-2% of your salary to make progress toward your retirement goals. As you get more confident and establish a routine of saving small amounts, try raising your contributions another 1-2% each year. 
• Calculate Your Solo 401(k) And SEP 401(k) Contributions: Sole proprietors have several tools to choose from when it comes to building financial security for retirement, from pooled and solo 401(k)s to a variety of individual retirement account (IRA) options. 

And if you have a more traditional career with a salary, we share tips including automating your savings, and maxing out your employer’s 401K match in our Pretirement Playbook For Busy Women. 

Financial independence is not a place to arrive; it’s a path. 

As Rhonesha Byng reiterates, Pretirement is the time to plan ahead so that you can navigate  whatever comes next with confidence. With education, visibility, and connection, Her Agenda is not only helping women plan for the future, it’s helping them take it.

Take control of your financial future and join the Her Agenda community to connect with ambitious women who are redefining success on their own terms. 

Visit ThisIsPretirement.org to create your own free personalized retirement savings action plan backed by AARP’s financial insights and expertise. Take control of your financial future, today.