Did You Know Series part 3: Are You On Track For Retirement?

Happy Beautiful Monday Women Supporting Women!

I hope you all had a fantastic weekend!  I spent mine getting over the flu.  I can happily say it is just about gone.  Church was amazing and I was able to go the gym today.  Slowly, I am getting back to my normal, running around self 🙂

Last week we went over the Financial Literacy answers and as promised, today we are concentrating on Retirement questions.  While this group caters to all ages, I cannot stress how important it is to set up retirement funds as early as possible.  When we are young and carefree, the furthest thing from a person’s mind is retirement, but before you know it, you are 55, looking to retire in a few years and can’t.  With proper planning, you can find yourself retiring early and comfortably.  Take a few minutes to answer the 10 questions below.  The answers will be in next week’s blog.

So I ask you, are you on track for retirement?  Let’s take a look:

1. Because women outlive men by ____ years, they need to save more during retirement.
2. True or false? Family caregivers of adults spent on average nearly $7,000 on out-of-pocket costs annually related to caregiving.
3. Is retiring at a younger age more or less costly for married women than for married men?
4. Since women working full-time earn ____ cents for every dollar a man earns, on average, they have less money to spend during their retirement years.
5. True or false? Some 64 percent of women have no backup plan if they are forced to retire early.
6. Women are more worried than men about the impact of financial risk during retirement. Their biggest concerns are long-term care and health care costs, increased taxes, and reduced _____________ benefits.
7. True or false? Among working women, 25 percent participate in a retirement plan.
8. Waiting until you turn ____ means you’ll collect your maximum benefit amount for Social Security. This strategy can boost your retirement income significantly.
9. The annual contribution limit for an IRA is __________ (if 49 or younger) and up to __________ if 50 or older in 2018.

10. True or false? Delaying your Social Security claim from age 62— the earliest age you can claim the benefit—to age 70 can boost the benefit’s value by more than 75 percent.

If you have any questions, please feel free to post here or reach out to me at: thefinancialcomforter@gmail.com

As always, thank you for reading.

Have a beautiful and amazing week!

Marsha

Changing the lives in our community….one family at a time!

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