Social Security is synonymous with retirement income but it is much more.
Congresswoman Carolyn Maloney says, “Lower pay throughout their working lives means that women contribute less to retirement plans, receive lower pensions and lower Social Security benefits. The result is that women have substantially less income than men in retirement and are much more likely to live in poverty as they grow older.”
After the great Depression of the 30s and during World War II many women needed to work to support their families. Companies found they could pay the women less than they had paid the men.
For many women their biggest fear is that they will be penniless and homeless in old age and not be able to afford food, shelter and medical care. They fear being a bag lady.
Beneficiary designations are unique in that upon your death the asset passes to the named individuals on the account and they will bypass any will or trust that may be in place. Make sure they are up to date!
Most 401(k) plans and some 403(b) and 457 plans allow the participant to borrow from their plan…but should you?
According to Bankrate.com, 35% of consumers have never checked their credit report even though it is free.
We are all going to die. We just don’t know when. So it’s not about what you have done, it’s about what you haven’t.
More money regrets this week! According to the Economist, nearly half of American households said they could not cover an unexpected $400 expense without borrowing or selling something!
Earlier this month we discussed ways to save for college and I heard from listeners looking for ways to make up for lost time. They had not saved enough or anything in some cases.