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Women And Money… Still A Long Way To Go!

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Women and MoneyEven though we’re living in the 21th century, women still lag behind men when it comes to finances and money. One of the main reasons is women still earn less income than men.

According to PEW Research Center women work approximately 60 extra days to earn what men earn.

According to the White House, full-time working women earn 77% of what their male counterparts earn. This means that women have to work approximately 60 extra days, or about three months, to earn what men did by the end of the previous year.

However, our own estimate, which is based on hourly earnings of both full- and part-time workers, finds women earn 84 percent of what men earn. Based on our estimate, it would take approximately 40 days, or until the end of February, for women to earn what men had by the end of last year.

You can read the full article by going to: PEW Research “On Equal PayDay, key facts about the gender pay gap”.
The other big reason for the differences between men and women when it comes to money… and I hate to say this [Read more…]

Let’s celebrate “My National Social Security Week”!

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Social Security

What? My National Social Security Week?

Yes, you read that right.

The Social Security Administration, for the second year now, celebrates July 19th through July 25th as “My National Security Week”.

The SSA (Social Security Administration) encourages you to create an account on www.socialsecurity.gov to view and track your accrued social security benefits.

Once you’ve set up your account, you can verify your past earnings and get estimates of what your future benefits will be. Knowing what level of SSA benefits you can expect (in addition to other retirement income) allows you to plan for your financial future with greater precision.

If you’re already receiving social security benefits, you can get a benefit verification letter, check your benefit and payment information, change your address or direct deposit information. And you can even get a replacement Medicare card or SSA-1099 for the tax season.

So head on over to the Social Security Administration, sign up and know at an instance where you stand.

Happy “my National Social Security Week” (make sure you get out and celebrate)!

5 Things To Avoid When Planning Your Retirement

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Retirement Planning MistakesIf you’re like other Baby boomers, you’ve been saving for retirement for a while now. You probably started early on thinking about your retirement and chances are you’re still at it.

If you want to succeed in successfully funding your retirement, it’s important to avoid some common retirement planning mistakes. By participating in the plans that are available to you, diversifying, and leaving the money alone, you can largely guarantee a financially successful retirement.

To reach your goals and make your retirement dreams come true, it’s best to avoid these common retirement planning pitfalls.

Non-Participation

1. Failing to participate in any retirement plans available to you.  Today, there aren’t many companies offering pensions anymore. However, most companies offer plans such as a 401k or similar to their employees.

Typically it’s easy for you to enroll and most of these programs are incredibly worthwhile. Interest-deferred accounts are tough to beat. Enroll today, if you haven’t already. It really adds up over time. [Read more…]

Retirement In America – “Broken Eggs”

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Retirement in America - Broken EggsYahoo finance today discussed the film “Broken Eggs”.The 80 minute film covers the looming retirement crisis in America, primarily affecting Baby Boomers -US!

Daily, roughly 10,000 baby boomers are stepping into retirement, reaching their retirement years. Many are not adequately prepared and are primarily relying on income from their social security.

According to experts, retirement should be funded via 3 primary vehicles:

  1. Social security
  2. Pensions
  3. Personal savings

Experts in the film compared this 3 pronged approach to a 3 legged stool. Sturdy and solid until you take one of the legs away and the stool will shake, tumble and eventually collapse.

Social Security
Most experts predict that social security will not last and is headed toward bankruptcy. The prediction is that this will happen sooner than later and some say that the system already is bankrupt!). [Read more…]

When Did You Become A Senior?

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Senior Woman RunningA few years ago, when I moved from a regular phone to a smart phone, I had the first indication that I had been advanced to the “senior” category.

While comparing different smart phones I asked the sales person, a male in his early 30s, for more information about certain phone features. After numerous questions and answers were resolved, I needed specific pricing information and that’s when it came!

He looked at me, paused and then said: “Depending on your age, we do have discounts for seniors available”. And I don’t believe I heard anything else after that!

I remember thinking: “Ya, right I’ll buy a phone from you buddy! What is he thinking! I’m only 55 and he’s referring to me as a senior? I don’t believe this…!

Had a similar experience?

I didn’t think of myself as a senior then and I don’t think of myself as a senior now, four month shy of 60.

The last time I was carded for alcohol I was 41. What happened?

The term senior brings up many different images for me, not all of them are positive. Some of my own stuff, probably. But some from a society that values youth and most of what goes along with it.

This brings up the question what does the term “senior” actually mean? And after just a little digging, here is what I found.

First the dictionary: many dictionaries and many definitions. Without going into too much detail, most definitions define a senior as:
An elderly person, who is retired or whose principal source of support is a pension or Social Security benefits.

I don’t know about you, however, I am not retired and my principle sources of support are neither pension nor social security benefits.

Next Wikipedia, which tells us that “The age which qualifies for senior citizen status varies widely. In governmental contexts it is usually associated with an age at which pensions or medical benefits for the elderly become available. In commercial contexts, where it may serve as a marketing device to attract customers, the age is often significantly lower.

In the United States, the standard retirement age is currently 65 (gradually increasing to 67). In Canada, the OASP (Old Age Security Pension) is available at 65 (gradually increasing to 67, starting in the period 2023-2029),[9] and the CPP (Canada Pension Plan) as early as age 60.

The AARP allows couples in which one spouse has reached the age of 50 to join, regardless of the age of the other spouse.”

There you have it!

The term senior is applied across an array of situations. And if you’re past the age of 50 you may be considered a senior no matter if you feel like a senior or you’re ready for it.

As for me, I think it’s time to redefine the term “senior” for myself, free from societal stereotypes and limitations. And I came across a video from CNN-IBN (Indian Broadcasting Network) that helped me do just that.

The video features a Senior Citizen Awards ceremony: “Live begins at 60: Retired but not Tired”.
The 12 individuals honored are truly inspiring! Enjoy…

 

 

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