Women’s role in financial matters is becoming more important than ever. In fact, a recent survey from LPL Financial showed that more than 66% of women had either primary or shared financial decision-making responsibility with their partners.1 It’s with this statistic in mind that I introduce one that may be more difficult for some women to swallow: 90% of all women will be solely responsible for their finances at some point.2

As a financial advisor, I’ve seen first-hand how important it is for people to clearly communicate about their values and how these match up with their financial goals for retirement. It doesn’t matter if you’re single, married, widowed or divorced. As a woman, the feeling of empowerment that can come from understanding and engaging with your financial plan is invaluable.

Having the power to make independent choices comes from knowledge, and there’s no time like the present to educate yourself. Here are a few hints to help you increase your investing confidence and become a more financially independent woman:

1. Pinpoint your values.

If you’ve identified what’s most important to you and your family, and make your financial decisions in alignment with those values, you’ll likely feel much more confident about your overall plan.

2. Determine how much money you’ll need in retirement.

A realistic goal is critical to a good financial plan, and many people underestimate how much they’ll spend in retirement. You may think that you’ll be spending less, but just think about all the free time you’ll have to do everything you’ve always wanted: traveling, playing golf, having dinner with friends – all of which cost money! As an example, if you want to maintain an annual income of $50,000, you’ll need to have saved $904,582 to last you until age 90.3 That requires planning!

3. Build your savings (if you haven’t already done so).

Pay yourself first by contributing to IRAs or employer-sponsored plans. A financial advisor can help you decide whether a traditional or Roth retirement savings account is better for your specific situation. If you’re already at this stage, consider what your sources of retirement income are: Social Security, employer retirement plans, your own personal savings, etc., and work with a financial advisor to make a tax-efficient distribution plan.

4. Protect your savings.

You should have appropriate insurance coverage based on your situation. Review and confirm that your insurance coverage is sufficient, including health, property and long-term care insurance. In addition, having a life insurance plan with your spouse is a key option to consider, since women generally outlive men.

5. Grow your savings.

Women tend to be more conservative investors than men, which may result in lower returns over time. Discuss your risk tolerance, values, timeline and goals with a financial advisor; s/he can help you determine an appropriate strategy based on those factors. Once you’ve established an investment strategy, educate yourself about what products you own and why – or ask your advisor to elaborate.

By taking the time today to learn more about planning for retirement, you’ve already put yourself on the road to being a financially independent woman. But it’s also important to remember that financial security is too important to go it completely alone. There are many extremely capable and intelligent women out there today, but no one person can effectively and efficiently manage a financial plan all by themselves. Talk to a financial advisor today to help you stay on track.

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.

1LPL Financial/Age Wave WomenINVEST, 2011.

2Women and Affluence, Women & Co, 2010.

3Assumes 25 years of retirement, and a retirement nest egg growing at 6% annually, compounded monthly and adjusted for 3% inflation.