Solving the puzzle to improve your
retirement security
Building the Pieces of Your Financial Future
July 25, 2015
Welcome and introductions
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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?
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Your retirement
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Spend time with grandkids?
Continue working in current job?
Part-time work?
Start a business?
What can people do to prepare
financially for retirement?
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Be prepared
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Start saving early
Spend less than you make
Avoid the burden of credit card debt
“Save 10”
Know your number
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Figure out how much you’ll need
Have a goal
www.dol.gov
What unique issues do women face?
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Women face caregiving challenges
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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
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Inflation
Outliving assets
Death of a spouse
Unexpected health costs
Poverty
5 money mistakes women make
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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?
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Ways to save for retirement
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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?
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Social Security
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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?
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Avoid financial traps
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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!
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www.wiserwomen.or
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www.fsroundtable.org
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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.