Deni.
As a perimenopausal singer, and from what I have been told by friends who sing and who have gone through the whole shebang, it can have differing effects on differing women.
For a friend of mine who sings Irish music locally here in the DC area, but who was operatically trained, she says that she has noticed her midrange failing on her sooner than in earlier years.
For me, I have noticed a lowering of my range, though not a lessening (I have a lower lowest note, and a lower highest note, but still have my same approximate slightly less than 3 octaves).
I have noticed that some female singers over a certain age tend not to be able to project as they once did in youth, though I do not know if it is menopausal in origin. As an example, Dinah Shore lost a great deal of her oomph during her talk show years, but had quite a lot more control and power when she was younger (and boy-howdy, am I showing my age on that one!)
I think that there is no hard and fast answer here. What may happen to one woman may never occur for another. It would probably be best for each of us to wait and see what our personal experience is, and then figure it out from there. :D