Building the Pieces of Your Financial Future

Solving the puzzle to improve your

retirement security

Building the Pieces of Your Financial Future

July 25, 2015

Welcome and introductions

2

Cindy Hounsell and Kathy Stokes WISER

J. Jioni Palmer, Social Security Administration

Jim Adkins, Strategic Financial Associates

Jill Hoffman, Financial Services Roundtable

what does ‘retirement’ mean?

3

Your retirement

4

Spend time with grandkids?

Continue working in current job?

Part-time work?

Start a business?

What can people do to prepare

financially for retirement?

5

Be prepared

6

Start saving early

Spend less than you make

Avoid the burden of credit card debt

“Save 10”

Know your number

7

Figure out how much you’ll need

Have a goal

www.dol.gov

What unique issues do women face?

8

Women face caregiving challenges

9

Caregiving issues – majority are women

Financial costs – out-of-pocket expenses

Work part-time to accommodate family needs

Earn less and contribute less to retirement plans and

to Social Security – end up with smaller benefits

Women live longer so they need more money in

retirement

Financial risks of living longer

10

Inflation

Outliving assets

Death of a spouse

Unexpected health costs

Poverty

5 money mistakes women make

11

1. Getting into debt

2. Spending too much money on kids and grandkids

3. Not getting involved in family finances early

4. Spending tax refund

5. Not realizing you may end up living on your own

someday and need more money as you age

what are ways people can save for

retirement?

12

Ways to save for retirement

13

Retirement savings plans at work

401(k)-type plans

Set up an IRA

Sign up for new myRA account

What role does social security play?

14

Social Security

15

First line of defense against poverty in retirement

Receive monthly retirement benefit as long as you

live

Replaces 40% of income on average

When you collect benefits matters!

My Social Security Account

Why is life insurance important?

16

Avoid financial traps

17

Paying for children and grandchildren’s college

Grants, scholarships, loans

There is no scholarship for retirement!

Paying for big expenses for your adult children

Weddings

Living with you and not having them contribute to the

household

Thank you!

18

www.wiserwomen.or

g

www.fsroundtable.org

19

This webinar is apart of the Insight Center For Community

Economic Development and the Moneywise Foundation’s

Retirement For All Initiative. Funded by the Prudential

Foundation, the Retirement For All Initiative provides retirement

information to multicultural households and non-profit

organizations.