social security: what you might be missing in your retirement puzzle

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.