A Very Politically Incorrect Ramble With a Potentially Real Point: Is Your Retirement Calculator Sexist?

I’m seriously sticking my neck out with this speculative, non politically correct observation and expect to get it chopped off by someone. And deservedly so!

Last week, my wife, Suzie, spent a considerable sum of money on hair care, nail salons, and other female-focused purchases. Certainly enough to make my right eyebrow twitch slightly. I only highlight this for the sake of my speculation, not as a manly moan about female spending choices. But the spending got me thinking about retirement calculators. I know I really need to get a life!

Is there an argument to be made that single females need a bigger portfolio size upon entering retirement due to nuanced societal differences around discretionary spending between the sexes than a male looking for the same lifestyle? It’s an interesting, if not too serious, point to consider. And if so, what does that say about general financial advice aimed at everyone?

When you consider this possible spending pattern and then combine it with the statistical probability of a longer female lifespan, we start getting to the point that generic financial advice might give misleading answers. This is because I’m reasonably sure these calculators don’t take these factors into account and don’t question the stated age of the person. To keep the thought slightly balanced, I admit to knowing a few male friends—actually, a lot—who possibly spend more on their tech gadgets and latest hobby obsessions… and they all lie about their age.

So, where was I… This touches on broader societal expectations. Women are often implicitly encouraged to invest in their appearance in ways men aren’t. These discretionary expenses, while seemingly minor, can really add up, especially in retirement. A woman might genuinely feel these expenditures are essential for her well-being, whereas a man with a similar lifestyle might not have comparable costs (generally because they are slobs). Although this is very much a broad overgeneralization, I’m using it for the sake of the muse. My wife, Suzie, will hit me on your behalf… you only need to ask.

Now, if we put all this totally unacceptable gender stereotyping, brought on by a raised eyebrow, together, the cumulative effect of these factors—potentially higher discretionary spending over a longer lifespan—could significantly impact how long a retirement portfolio actually lasts. If a standard calculator suggests a person needs “X” amount to retire comfortably, that figure might be an underestimation for a female. This could be a potential oversight in generic financial planning tools that could inadvertently disadvantage single women.

Perhaps future financial models could incorporate adjustable “lifestyle multipliers” that account for gender spending norms, allowing for more personalized and accurate projections for everyone.

And perhaps you should just ignore all the above, considering it was the result of a slightly raised eyebrow and a lot of rambling speculation over the cost of, according to my wife, Suzie, “a few essential ‘make me happy’ items.” My sample size of one person is dubious at best. I promise to keep my thoughts under better control in the future and try to provide evidence for my musings.