RSS Feed

Archives

  • Categories

    • Archive for the ‘Social Security Checklist’ Category

    Speak Up! Tell an Important Female in Your Life about the Importance of Making Your Money Last a Lifetime

    Wednesday, May 26th, 2010

    In honor of Older Americans Month, Wider Opportunities for Women is hosting their second annual Blog Day. This year’s topic: “America’s Budget Matters (So Does Yours).” We encourage you to share your personal stories on the importance of programs like Social Security, Medicare and Medicaid along with any tips or advice you have to offer on making your money stretch throughout retirement. Leave a comment on our blog or check out WOW’s blog to learn more!

    As women, we can generally expect to live longer than our male counterparts. In fact, women’s life expectancy is now 81.4 years, while men’s is 75.5 years of age. If we want to be able to enjoy our retirement years, one of the biggest requirements is getting a hold on our household budgets and making sure our money will last as long as we do.

    There are other reasons women especially need to be aware of properly managing their finances.  Sixty-six percent of the 65.7 million caregivers in the U.S. are female. This means there are more than 43 million women who are currently providing care for others on a regular basis. If you are not currently providing care to a child, older relative, or dependant, odds are that you will face this situation at some point in your lifetime. Caregiving responsibilities seep into other aspects of life, namely, a caregiver’s ability to work as much as (s)he wants or needs to.  Less time for work can also mean fewer opportunities for promotions and less time for accumulation of retirement plan savings. This means women have to be even more diligent about managing their finances and being aware of how much they will need for retirement! Check out WISER’s special report to learn more on keeping your sources of retirement income in order while caring for others.

    More time spent caregiving also means that Social Security is extremely important for women who had less time to accumulate other forms of retirement savings. Without Social Security benefits, more than HALF of older women alive today would be in poverty. Social Security is also important because it is a progressive benefit, meaning those who earn less and need the benefit more, receive a higher percentage than higher earners. Understanding your individual Social Security statement will further help you estimate your income in retirement and determine how much money you will need to supplement your Social Security benefits later in life. It is important to understand what these benefits will mean for you and your loved ones as you begin planning to retire. WISER’s Financial Planning Workbook dedicates an entire section to explaining the Social Security process and breaking down what this can mean for you and your financial future.

    Lastly, but most importantly, take time to be proactive about your future! Start now by looking at how you are spending and saving your money using some of the helpful budgeting and financial management tools we have linked to above. Also in the name of Older American’s Month remember how much knowledge and guidance our elders can provide for us and have a conversation with your mother, daughter, sister, aunt, or friend about how important it is to save for retirement and plan for your financial future. It’s never too early to start planning for your financial future in order to make your money last a lifetime.

    Tags: , ,
    Posted in Blogging with WOW, Financial News You Can Use, Financial Planner, Social Security, Social Security Checklist | Comments »

    Free Social Security Webinar

    Friday, January 23rd, 2009

    Social Security is hosting its first national webinar on January 29, 2009. Retire Online, It’s So Easy! will offer a demonstration of the new Social Security online application as well as a discussion of its key features. If you’re interested in finding out more about the SSA online application, join SSA online at 2pm EST next Thursday. To RSVP, visit http://www.socialsecurity.gov/survey/retireonlinersvp.htm.

    Posted in Retirement, Retirement Planning, Social Security, Social Security Checklist, Social Security Disabilities | Comments »

    Social Security: What’s New?

    Monday, October 27th, 2008

    As the seasons change, Social Security is undergoing a few changes as well. These past two weeks have featured two exciting changes in Social Security, including an increased COLA and today’s announcement of the new Compassionate Allowances Initiative:

    • Last week, Social Security announced that Social Security and Supplemental Security Income beneficiaries will receive a 5.8 percent benefit increase in 2009. The 5.8 percent increase is the largest since 1982. The 5.8 percent Cost-of-Living Adjustment (COLA) will begin with benefits that over 50 million Social Security beneficiaries receive in January 2009. These benefits are based on a raise in the Bureau of Labor Statistics’ Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W), which increased 5.8 percent this year. To understand how the COLA will impact your benefits, check out this Fact Sheet from Social Security.
    • Today, Social Security announced the national roll-out of its Compassionate Allowances initiative. This initiative will make it faster and easier for disability applications to be processed for people with specific cancers and rare diseases. The 50 conditions that apply are listed here, and Social Security will continue to add more conditions to this list. According to Commissioner Astrue, “The launch of Compassionate Allowances is another step to ensuring Americans with disabilities, especially those with certain cancers and rare diseases, get the benefits they need quickly.”

    Posted in Disabilities, Disability, Social Security, Social Security Checklist, Social Security Disabilities | Comments »

    Social Security Turns 73: How Are You Celebrating?

    Friday, August 15th, 2008

    August 15th marked the 73rd anniversary of Social Security. Though certainly not a recognized national holiday, it is a cause for celebration. Social Security is by far the nation’s most successful social program, helping millions avoid poverty in old age and providing necessary benefits for a range of others in the workforce, including disabled workers and their surviving spouses and children. It provides an essential economic safety net for women—without Social Security, more than half of elderly women would be in poverty. And it is a critical program for minority older persons, with 1 in 3 older African Americans and 2 in 5 older Hispanics currently relying on Social Security as their only source of income.

    One way to celebrate 73 years of social security is by learning more about your current Social Security status. The following questions can help you stay informed on how much Social Security you may collect, when you can collect and how certain factors may impact your overall Social Security benefit. For more information on Social Security, visit the Social Security section of WISER’s website.

    1. Have you earned a worker benefit?
    Yes, if you’ve worked 10 years (unless you are disabled).

    2. Do you know how much your benefit will be?
    The Social Security Administration will be mailing a statement to everyone (age 25 and older) three months before your birth month. If you haven’t gotten yours, send for a free estimate by calling 800-772-1213.

    You can calculate it on your own by using the Social Security Administration’s Retirement Planner on their Web site at www.socialsecurity.gov/planners.

    3. Do you know the earliest age you can collect a retirement benefit?
    Age 62 (unless you are widowed).

    4. Do you know what happens to your benefit if you retire early?
    If you start your benefits early, your benefits are reduced permanently. Your benefit is reduced about one-half of one percent for each month you start your Social Security before your full retirement age. For example, if your full retirement age is 65 and 10 months and you sign up for Social Security when you are 62, you would only get 75.8 percent of your full benefit. (Source: Social Security Administration, www.ssa.gov.)

    NOTE: The reduction will be greater in future years as the full retirement age increases.

    5. Do you know when widows can start to collect a survivor’s benefit?
    Age 60 (unless you are disabled or have children under the age of 16).

    Posted in Social Security, Social Security Checklist | Comments »

    WISER

    About Us

    WISER is a nonprofit organization that works to help women, educators and policymakers understand the important issues surrounding women's retirement income. WISER creates a variety of consumer publications including fact sheets, booklets and a quarterly newsletter that explain in easy-to-understand language the complex issues surrounding Social Security, divorce, pay equity, pensions, savings and investments, banking, home-ownership, long-term care and disability insurance.

    Read More