This paper explores factors influencing women’s retirement savings decisions in Malaysia, focusing on the mediating role of risk tolerance. It provides valuable insights for financial institutions, policymakers, and investment experts. Malaysia faces challenges with retirement income adequacy, particularly for women, due to longer life expectancy and slightly lower incomes compared to men. The study used a quantitative approach, collecting 300 questionnaires from women aged 18 and above across Malaysia. Eleven hypotheses were tested using correlation and regression analyses, with the Sobel method applied to assess risk tolerance mediation. Results indicate that risk tolerance fully mediates the relationship between financial literacy and investment decisions. Additionally, investment experience, financial literacy, and risk tolerance improve decision quality, while overconfidence bias, loss aversion, income, and wealth also play roles. The study encourages women to base decisions on financial literacy and experience, avoiding reliance on heuristics.