social security: what you might be missing in your retirement puzzle
TRANSCRIPT
Solving the puzzle to improve your retirement security
Social Security: What You Might Be Missing in Your Retirement Puzzle
July 25, 2015
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Welcome and introductions Cindy Hounsell and Kathy Stokes, WISER J. Jioni Palmer, Social Security Administration Francis Creighton, Financial Services
Roundtable
What are the basics everyone should know about retirement planning?
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What to know
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Start early Live beneath your means Avoid credit card debt
Where does retirement money come from?
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Typical retirement income sources Employer-based plans: 401(k)s & pensions Social Security Personal savings: IRAs Work during retirement
What unique issues do women face?
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Women face challenges
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Work part-time or where retirement benefits aren’t offered
Earn less Receive ½ the average pension men receive Live longer so they need more in retirement
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Financial risks of living longer
How do you know how much you’ll need?
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How much?
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General rule: 70%-80% of pre-retirement income
Consider longevity Online calculators
Taking the Mystery Out of Retirement www.dol.gov
How do employer savings plans work?
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Retirement savings plans at work 401(k), 457, 403(b), Thrift Savings Plan Enroll Contribute $ from paycheck
Save 10!
What if I don’t have an employer plan?
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Options outside of the employer
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Open an IRA Open a myRA Set up automatic saving through a bank or
your credit union
What role does social security play?
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Social Security 40% replacement, on average When you collect benefits matters! Spousal and survivor benefits My Social Security Account
What if I’m going to fall short?
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Options Retire later if you can Delay Social Security (to age 70) Work in retirement
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Thank you!
www.wiserwomen.org
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.