Happy Monday Beautiful Women Supporting Women,
I hope you all had a fantastic weekend. I spent mine working and getting ready for my trip to Maryland. This week I will be taking care of my Mom after her surgery, celebrating my son’s 20th birthday and seeing my clients in Maryland. It will be an action packed week but I am thankful for the energy to be able to do it all.
Last week when we left off, we answered questions about being on track for retirement. As I’ve mentioned, it is important to have your retirement funds on track early. Let’s see how you are doing.
Here are the answers for Did You Know Series part 3: Are You On Track For Retirement below in red:
1. Because women outlive men by 2.6 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. True
3. Is retiring at a younger age more or less costly for married women than for married men? It’s more costly for married women because they lose what is normally their peak earnings right before retirement and accumulate less in Social Security.
4. Since women working full-time earn 80 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. True
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 Social Security and Medicare benefits.
7. True or false? Among working women, 25 percent participate in a retirement plan False it is 46 percent
8. Waiting until you turn 70 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 $5500 (if 49 or younger) and up to $6500 if 50 or older in 2018. For 2019 it is $6000 and $7000
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. True
What your score means
For more information on life insurance and financial strategies, contact:
1–3 right. Time to check your finances. Call your insurance agent today.
4–6 right. It wouldn’t hurt to reevaluate your insurance needs. Contact your insurance agent today.
7–9 right. Knowledge is great, but action is power! Set an appointment with your insurance agent today.
All 10 right. Become even more knowledgeable about insurance and financial products.
1. Source: Joel Johnson, “Retirement Strategies for Women,” Forbes, August 31, 2018. https://www. forbes.com/sites/joeljohnson/2018/08/31/retirement-strategies-for-women/#6964d54c5a
2. Source: Lynn Friss Feinberg, “The Financial Costs of Family Caregiving: A Stark Reality,” AARP, February 22, 2017. htt_p://blog.aarp.org/2017/02/22/the-financial-costs-of-family-caregiving-astark-reality
3. Source: Maureen Soyars Hicks, “Why Is Retirement More Costly for Married Woman Than for Married Men?” Bureau of Labor Statistics, May 2018. https://www.bls.gov/opub/mlr/2018/beyond-bls/whyis-retirement-often-more-costly-for-married-women-than-for-married-men.htm
4. Source: Jennifer Calfas, “Women Have Pushed for Equal Pay for Decades. It’s Sad How Little Progress We’ve Made,” Money, April 10, 2018. http://time.com/money/5225986/equal-pay-day-2018-genderwage-gap/
5. Source: Transamerica Center for Retirement Studies, 2017 https://www.newyorklife.com/newsroom/ plan-women-retirement/
6. Source: LIMRA, “LIMRA Secure Retirement Institute: Women Rate Financial Risks Higher than Men,” February 8, 2018 https://www.limra.com/Posts/PR/Industry_Trends_Blog/LIMRA_Secure_ Retirement_Institute__Women_Rate_Financial_Risks_Higher_than_Men.aspx
7. Source: Department of Labor, “Women and Retirement Savings,” September 2017 https://www.dol. gov/sites/default/files/ebsa/about-ebsa/our-activities/resource-center/publications/women-andretirement-savings.pdf
8. Source: “Four Ways that Women Can Build a Retirement Backup Plan,” New York Life. https://www. newyorklife.com/newsroom/plan-women-retirement/
9. Source: “Retirement Topics – IRA Contribution Limits,” IRS https://www.irs.gov/retirement-plans/ plan-participant-employee/retirement-topics-ira-contribution-limits
10. Source: “Incentivizing Delayed Claiming of Social Security Retirement Benefits Before Reaching the Full Retirement Age,” Social Security Administration https://www.ssa.gov/policy/docs/ssb/v74n4/ v74n4p21.html
Next Up: What Is The F.I.R.E. movement?
As always, if you have any questions, please feel free to reach out to me here on the post or via email at: email@example.com
Thank you for reading!
Have a beautiful and blessed week!
Changing the lives in our community….one family at a time