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Women Savings Retirement
- 2. Start Early
- 3. Why Saving for Retirement MattersFor Women
- 4. Do You Know?
- 5. More often womenwork part-time.
- 6. 45% Participate in a retirement plan
- 7. Women Live Longer + 80 YEARS
- 9. Are You at Risk?
- 10. Poverty Amongst the Elderly 1 in 10 women nearingretirement were poor in 2009 41% of lower income retirees will likely run out of money after 10 years of retirement 57% lower income of retirees will likelyrun short of money in 20 years
- 11. Poverty Rates for Adults By Gender and Age, 2009
- 12. Poverty Rates Higher Among Women of Color
- 13. As 2.3 million elderly women live in poverty and nearly 1 million in extreme poverty, now is the time to take action to ensure you have a more secure future.
- 14. Start Here and Now!
- 15. Be One of the 9 in 10 Maintain YourStandard of Living Cut your expenses Low income, save an additional 25% per year Middle income, save an additional 15% per year
- 17. Close the Gap
- 18. ASK Does your employer offera retirement plan?
- 19. ASK Are you eligible to receive retirement benefits?
- 20. Review the Summary Plan Description Annually.
- 21. Other Factors
- 22. Changing Jobs?
- 23. Own a Small Business?
- 24. Earnings and Survivor Benefits
- 27. Financial Freedom Is Up to You!
- 28. Is it toolate tostart? NO!
- 29. Save as much asyou can—right now!
- 30. Start Early, Start Now! Start a planfor your life beyond 55 today!
- 32. Top 10 Ways to Prepare for Retirement
- 33. Savings Fitness: A Guide to Your Money and Your Financial Future
- 34. Taking the Mystery Out of Retirement Planning
- 35. What You Should Know about Your Retirement Plan
Editor's Notes
- Paying for the retirement you truly desire is ultimately your responsibility. You must take charge. You are the architect of your financial future.
- Saving for retirement should start early.
- An easy rule of thumb is that you’ll need to replace 70 to 90 percent of your pre-retirement income. If you’re making $50,000 a year (before taxes), you might need $35,000 to $45,000 a year in retirement income to enjoy the same standard of living you had before retirement.
- There are at least 4 factors that can lead to women living in poverty after age 55.
- Of the 62 million wage and salaried women (age 21 to 64) working in the United States, just 45 percent participated in a retirement plan.
- A woman at age 65 can expect to live another 19 years, 3 years longer than a man the same age. Healthcare eats up a large portion of our income during retirement.
- By and large, women invest less aggressively than men.
- There are at least 4 factors that can lead to women living in poverty after age 55.
- 1 in 10 (10.0 percent) women nearing retirement (ages 55-64) were poor in 200941% of those in those lowest income quartile are likely to run short of money after 10 years of retirement, and 57% after 20 years. Meanwhile, just 5% of those in the highest income quartile will run out of money after 10 years, and 13% after 20 years. Retirement Readiness Rating Report by Employee Benefit Research Institute
- Poverty among the elderly is a women’s issueThe typical woman working full time, all year, earns just 77% of what her male counterpart earns.
- As a result of their employment patterns, elderly women in 2009 received 23% lower average social security benefit than their male counterparts. One in five, Black, Hispanic and Native American women will live in poverty after age 65.
- Planning and saving for retirement early and wisely can improve the quality of your life in the years beyond 55.
- Saving more and perhaps reducing your standard of living now might be the only way to be reasonably certain you'll enjoy any standard of living later on.
- Remember, by saving early, you have time on your side. Your savings will grow and your earnings will compound over time.
- As you set aside more money the combination of savings and earnings will help close the gap. For example, adding $200 a month, or $2,400 a year over 10 years to a starting retirement savings balance of $40,000 would more than double your money, assuming a 5 percent rate of return and all earnings reinvested.
- For some companies, changes to benefits can only be made during Open Enrollment. Most employers with a 401(k) or Deferred Compensation plan match a fixed percentage of the employee’s contribution.
- In many companies, you may have to work for 5 years to become eligible to receive retirement benefits. Some workplaces have a shorter vesting period (vesting simply means that you have worked long enough to earn the right to benefits from a savings or pension plan).
- -Review Summary Plan Description for financial consequences.-Keep retirement records from all jobs.
- Planning and saving for retirement early and wisely can improve the quality of your life in the years beyond 55.
- Changing Jobs?If vested,-Rollovers, within 60 days, stay on track avoid withholding-Lump Sum + taxes-No touching
- Start an IRA or Simplified Employment Plan. Professional financial planners and other financial advisers can help as well.
- Your survivors may be eligible for benefits.
- As part of a divorce or legal separation, you may be able to obtain rights to a portion of your spouse's retirement benefit (or he may be able to obtain a portion of yours).
- Understand the rules that govern your plan. You or your surviving spouse may be entitled to receive a survivor benefit when the enrolled employee dies. Check the SPD or consult with the plan administrator regarding survivor annuities or other death benefits.
- Earn lots of money now and save as much as you can. Because the odds are against you otherwise.
- Whether you are 18 or 58, you still may be able to afford to buy the kind of retirement you want. Takesteps toward a better, more secure future with a catch-up plan.A record 55% of Americans now plan to work past age 67, and the number who plan to work full-time at that age is also a new high
- 65% of all Americans will need to work at least one more year because of the economic crisis77% of all American workers have responded to the economy by reducing their spending48% of all Americans are saving and investing more
- Financial Freedom can look different for each person. Decide now on the lifestyle you want after age 55 and beyond.
- Resources
- If you need or want a PowerPoint presentation designed, contact me at tumikia236@comcast.net