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]]>The post Why Women Outlive Men but Save Less for Retirement appeared first on Wiser Women.
]]>By Terri Williams for NextAvenue
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Women live longer than men after the traditional retirement age of 65 — 18% longer, on average — yet women save less than men do to support themselves in retirement, Census Bureau data shows.
About half of all women aged 55 to 66 have no personal retirement savings at all; the same is true for 47% of men, Census says. The difference is greater for people who have saved at least $100,000 for retirement: only 22% of women surveyed reached that modest goal, compared with 30% of men.
Longer lives and less savings may help explain why poverty is more prevalent among older women than older men. According to Census Bureau data, 16.1% of American women 75 and older live below the poverty line, which is $14,580 for an individual in 2023, compared with 9.1%.of men that age.
Why do women not save as much as men? What can women do to catch up? And what can society do to help?
There’s no single reason why women generally tend not to save as much for retirement as men. These are just some of the factors:
A persistent wage gap leaves them with less to invest. Pew Research data shows that women earn 82% of what men earn for the same or equivalent work, although the gap is narrowing — it’s 92% for younger women (aged 25 to 34).
“Women with bachelor’s degrees who work full time make, on average, 26% less than their male peers.”
When the nonprofit, nonpartisan National Partnership for Women & Families analyzed Census Bureau data on women who work full-time or part-time and those who take time off to be a caregiver, it found that women only make 78 cents for every dollar that men make.
Comparing women of color to white men, the wage gap widens. Black women are paid 66 cents and Latina women 52 cents for every dollar that white men make for comparable work. Asian American women are the closest to closing the gap, making 89 cents.
Having a college degree does not make a significant difference. “Women with bachelor’s degrees who work full time make, on average, 26% less than their male peers,” says Melody Evans, a TIAA wealth management advisor.
Student loan debt is another reason women do not save as much. Evans says women also hold nearly-two thirds of the nation’s outstanding student debt and, probably because they are paid less, it takes them about two years longer than men to repay the loans.
The financial costs of caregiving falls primarily on women, further inhibiting their ability to save. “Family caregivers spend about 26% of their income on caregiving activities, according to AARP, and this disproportionately impacts women,” Evans says. She adds that a large majority of caregivers are women and they spend much more time providing care than men.
“Much of the time women spend caregiving is during a stretch of their careers when men often receive some of their biggest promotions and pay raises,” she add.
Lack of diversity among financial advisers also contributes to lower savings rates among women. Evans notes that less than one-fourth (23.7%) of financial advisors are female which inhibits women from investing for retirement.
The underrepresentation of women and people of color in the field “can make it more difficult for women to meet with someone who better understands their needs and can tailor a plan that will help them achieve their short- and long-term financial goals,” Evans explains.
Changing lifestyles have an effect, too. Women are more likely than men to be single later in life — about half of all women aged 65 and older are without a partner, according to Pew research.
Part of the reason there are so many single women aged 65 and over is that men do not live as long as women. Men who reach 65 will, on average, live for another 18 years and 9 months, according to Census Bureau data. Women at 65 are likely to live another 21 years and 4 months.
Single women tend to earn less than women in committed relationships, making it more difficult to save. Pew Research trends show that in 2019, single women (neither married nor living with an unmarried partner) between 25 to 54 had median annual earnings of $32,000 while partnered women earned $40,000. In addition to earning less, unpartnered women are the sole household bill payers.
Stephen Chang, managing director at Acts Financial Advisors in McLean, Virginia, says not all is gloomy. While Bank of America’s 2023 Financial Life Benefits Impact Report states the average 401(k) account balance for men is about 50% greater than for women ($89,000 vs. $59,000), younger women have narrowed the gap to about 23% in their age group.
“Frontloading retirement savings before marriage and before having children will allow compounding to work more strongly in their favor.”
“Some ways that women can ensure a larger retirement account are to begin saving earlier and to save a higher percentage of their paycheck,” Chang advises. “Frontloading retirement savings before marriage and before having children will allow compounding to work more strongly in their favor.”
Now, more good news. Women can close the $30,000 gap between men’s and women’s 401(k) savings cited by Bank of America if they start investing at 21 and set aside only $217.95 a year for five consecutive years (assuming an 8% average annual return, Chang adds).
Melody Evans, a TIAA wealth management advisor, says her firm has launched a Retire Inequality campaign to draw attention to the need for women to save sooner and save more. “The sooner you start saving for retirement,” she explains, “the sooner your money will compound.”
Evans recommends having money deducted from your paycheck and deposited directly into the retirement account. “Some women may prefer to wait and save whatever is left over at the end of the month,” she adds, “but if you take that approach, you’ll never get started.”
“Some women may prefer to wait and save whatever is left over at the end of the month, but if you take that approach you’ll never get started.”
To illustrate why it is wise to start saving early and maximize the power of compounding, Evans compared two hypothetical investors. The people are made up, but the numbers are real.
“Let’s say you have two women who both turned 65 last year,” she begins. “The first one started saving for retirement when she was 25, roughly the same age as today’s younger Millennials, and she set aside only $100 a month — that’s $25 a week.”
On the other hand, the other women waited 10 years later to start saving for retirement. “At that point,” Evans says, “she was 35 — the same age as today’s older Millennials, but when she started saving, she set aside twice as much money as the first woman. It wasn’t $100 a month — it was $200 a month.”
If both women put their money into the S& P 500, about 40 years later, the woman who started investing at 25 would have more than $400,000. “The woman who waited an extra 10 years and invested twice as much money would have barely $300,000 — a difference of about 25%.”
Some employers match what their workers save for retirement — and it can be up to 3% to 5% of your salary. “So, if you make $55,000 a year and save 3% of that salary, your company could match that 3%,” Evans explains. “That would be $1,650 from you and another $1,650 from them, but if you don’t save that full 3%, though, you’re leaving free money on the table.”
Regardless of how much money women save, once they retire, it’s not a good idea for them to haphazardly withdraw funds from a 401(k) or other private savings plan and hope they don’t outlive their money. Since women tend to live longer in retirement than men, Evans says there’s an increased chance that might happen.
Instead, she recommends that women find one or more income streams that will last the rest of their lives. She cites three options. One is Social Security, “but that’s often not enough by itself.” Another is an employer pension, but Evans notes they are becoming rare. The third is annuities, which guarantee a flat monthly payout for as long as you live in exchange for payment up front. A growing number of workplace retirement plans offer annuities as an option. Fees vary widely, so choose carefully.
Evans tells women to look at annuities this way: “When you’re younger, you need life insurance in case you die too soon; but when you’re older, the concern flips, and you need income based on how long you may live.”
Women can take some steps to save more for retirement, but many of the issues that influence how much they invest are out of their hands. However, our team of experts had several solutions:
Paid Family Leave: Many U.S. companies have policies that appear to penalize women for having children, but the country’s future depends on a robust birth rate. “Enactment of more generous policies for short-term disability for pregnancy and paid family and medical leave would go a long way,” says Chang.
Equal Pay: Until they are paid as much as men for doing the same job, women will find it difficult to invest more. “Stricter legislation and enforcement of equal pay for equal work is needed to help even out the playing field,” Chang says.
Paul Miller, managing partner and CPA at Miller & Company in New York, says addressing the gender wage gap is crucial. “Tax policies could be designed to incentivize companies to pay equitable wages to men and women for the same work,” he says, adding that implementing transparency in pay practices can also help narrow the gap.
New Retirement Plan Limits: Miller also notes that in many countries, retirement plan contribution limits are the same for both men and women. However, he believes limits should be reevaluated to account for the fact that women tend to live longer. “Adjusting contribution limits to allow women to save more on a tax-advantaged basis can help them build larger retirement nest eggs,” he says.
Spousal IRA Contributions: Miller also recommends encouraging married couples to take advantage of spousal Individual Retirement Accounts (IRAs), where one spouse can contribute to an IRA for the other spouse, who may not have earned income. “Tax incentives, such as tax deductions or credits, could be provided to incentivize these contributions,” he says.
Caregiver Tax Credits: We’ve noted that women often take on caregiving responsibilities, which can impede their ability to work outside the home and save for retirement. “Implementing caregiver tax credits that provide financial relief and incentives for women who take time off work to care for family members can help mitigate the retirement savings gap,” Miller says.
Progressive Tax Rates: Changes to the tax code can also help women save more for retirement. “Progressive tax rates that take into account income disparities can help address gender income inequality,” Miller explains. “By taxing higher incomes at a higher rate, governments can generate more revenue that can be invested in social programs and services, including those that support women’s financial well-being.”
Financial Literacy Programs: Increasing financial literacy for women is a crucial step that society can take to help close the gender retirement savings gap.
“Along with workplace equity and equal pay, we must also provide accessible financial education resources to empower women with the knowledge and skills necessary to make informed financial decisions.”
“While it is essential to acknowledge the progress that has been made in recent decades toward gender equality in the workforce, it remains a fact that women often have less financial education overall, primarily due to disparities in their time spent in the workforce,” says Sean Casterline, a wealth manager for Delta Capital Management in Orlando, Florida.
The combination of wage gaps, career interruption, and limited access to leadership roles are all factors that have resulted in less exposure to financial literacy opportunities. “Along with workplace equity and equal pay, we must also provide accessible financial education resources to empower women with the knowledge and skills necessary to make informed financial decisions,” he says.
Miller agrees, and says tax incentives could be provided for companies or organizations that offer financial education and literacy programs, with a particular focus on women. “Improved financial literacy can empower women to make informed decisions about their retirement savings and investments,” he says.
Earlier this year, TIAA issued a Retirement Bill of Rights, outlining the challenges facing people of all genders, races and ethnicities, as well as the steps policymakers and employers can take to address them.
“It urges more states to follow the lead of those that have created options for workers who aren’t covered by an employer plan and suggests that Congress join them and adopt a federal plan,” Evans explains.
The bill also recommends that employers automatically enroll workers in retirement plans and increase their annual contributions. “It also proposes that policymakers should make it easy for workers to access simple, in-plan solutions that allow them to convert their savings into guaranteed lifetime income,” Evans says.
Casterline says he believes there is plenty of room for improvement.
“Retirement plan providers have done a poor job guiding investors in retirement plans — it’s systemic,” he says. Often, large companies don’t want to get involved in giving specific investment guidance to participants. “They see it as a risk to the company if markets turn down,” Casterline explains, “but if an investor is confused about how to participate and how to invest, they back away.”
Terri Williams has over 10 years of experience writing about student loans, mortgages, real estate, budgeting, home improvement and business in general. Her work has appeared in The Economist, TIME, Forbes, Architectural Digest and Realtor.com.
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]]>Most Americans between the ages of 50 and 75 flunked a retirement income literacy quiz that tested their knowledge across a dozen areas, including inflation, investments, long-term care costs, and Social Security, according to The American College of Financial Services’ recently published Retirement Income Literacy Study.
The average retirement income literacy grade on the exam was 31% — out of a possible score of 100%.
Talk about tanking the test.
Don’t take this lightly. Everyone nearing or in retirement should aim to ace it. You might have decades to live in retirement, so lacking knowledge about the underpinnings of your retirement income is flat-out precarious.
Saving for retirement is up to us, as traditional pensions are mostly in the rearview mirror for private-sector workers. That means we need to know how much to save, where to save it, and how much to withdraw in retirement, Steve Parrish, professor of practice and scholar in residence at The American College of Financial Services, told Yahoo Finance.
“To do that, you need to have an understanding of the basic concepts about investing, taxes, insurance, and finances,” he said.
Retirement income literacy scores were disturbingly low across the board in all areas of the exam. However, there were some sharp demographic variations.
Americans with more than $1.5 million in savings scored twice as high as those with less than $100,000 (50% vs. 25%). Those with advanced degrees scored highest, followed by college graduates. Men consistently scored higher than women. White and Asian respondents scored higher than Black and Latino respondents. Finally, retired respondents scored higher than non-retired respondents.
One heartening finding: Americans in their 70s were slightly more knowledgeable than the younger set. Average retirement literacy scores increased from 25% in the 50-to-54 age group to 38% among those aged 70 to 75. Individuals over 65 had a 56% literacy rate on Medicare-specific questions, higher than the 34% scored by those under 65. Social Security literacy lands along those same lines, with those over 65 averaging 40% on those questions, compared to 28% by younger folks. Put that down to learning by necessity as retirement living takes center stage.
“The retirement income knowledge gap is a critical problem,” Cindy Hounsell, president of the Women’s Institute for a Secure Retirement, told Yahoo Finance. “Most people are not considering how to cover the costs of their last years or know enough about the financial decisions needed when planning for a longer life.”
The prospect of soaring healthcare costs is especially alarming. About 15% of an average retiree’s annual expenses will be health-related, per Fidelity. And a recent research report from the Employee Benefit Research Institute (EBRI) found that a 65-year-old couple who retired last year will spend roughly $413,000 after-tax and out-of-pocket to cover premiums, deductibles, and prescription drugs in retirement — a figure that could easily balloon.
“Healthcare spending is very lumpy,” Jake Spiegel, a research associate on health and wealth benefits at EBRI, told Yahoo Finance. “Nobody can project coming down with a chronic condition or exactly how long they will live, but you’ve got to have a rough estimate to plan for.”
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]]>By Kathy L. Lee, Assistant Professor of Gerontological Social Work, University of Texas at Arlington for The Conversation
Millions of Americans have become informal family caregivers: people who provide family members or friends with unpaid assistance in accomplishing daily tasks such as bathing, eating, transportation and managing medications.
Driven in part by a preference for home-based care rather than long-term care options such as assisted living facilities, and the limited availability and high cost of formal care services, family caregivers play a pivotal role in the safety and well-being of their loved ones.
Approximately 34.2 million people in the United States provide unpaid assistance to adults age 50 or above, according to the Family Caregiver Alliance. Among them, about 15.7 million adult family caregivers care for someone with dementia.
I am a licensed clinical social worker and an assistant professor of social work studying disparities in health and health care systems. I focus on underrepresented populations in the field of aging.
In my research focusing on East Asian family caregivers for people with Alzheimer’s and related dementia, I discovered that Chinese American and Korean American caregivers often encounter challenging situations. These include discrimination from health care facilities or providers, feelings of loneliness and financial issues. Some of these caregivers even find themselves having to retire early because they struggle to balance both work and caregiving responsibilities.
My findings join a growing body of research showing that family caregivers commonly encounter five specific challenges: financial burdens, limited use of home- and community-based services, difficulties accessing resources, a lack of knowledge about existing educational programs, and physical and emotional challenges, such as feelings of helplessness and caregiver burnout.
However, researchers are also finding that family caregivers feel more capable of managing these challenges when they can tap into formal services that offer practical guidance and insights for their situations, as well as assistance with some unique challenges involved with family caregiving.
More than 6 in 10 family caregivers are women.
Society has always expected women to take on caregiving responsibilities. Women also usually earn less money or rely on other family members for financial support. This is because equal pay in the workplace has been slow to happen, and women often take on roles like becoming the primary caregiver for their own children as well as their aging relatives, which can drastically affect their earnings.
While nearly half of care recipients live in their own homes, 1 in 3 live with their caregivers.
Sometimes termed “resident caregivers,” these individuals are less likely to turn to others outside the family for caregiving support, often because they feel that it’s important to keep caregiving within the family. These caregivers are typically older, retired or unemployed and have lower income than caregivers who live separately.
According to a 2020 report from the AARP Public Policy Institute, about 1 in 3 family caregivers provide more than 21 hours of care a week to a loved one.
Read the full article here.
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When Robin Giles asks women why they aren’t saving for retirement, they often say the same thing: They don’t make enough money.
“It’s hard to convince people who are just scraping by to feel like they have money to put into retirement savings,” said Ms. Giles, a certified financial planner in Katy, Texas. Socking away money in a retirement account that can’t be touched without penalty until age 59½ is particularly daunting for people living paycheck to paycheck.
Women often find themselves in this position. Some take time out of their careers to have children, and when they return to work, many are self-employed or take lower-wage, part-time jobs — 63 percent of part-time workers in the United States are women, according to the latest data from the Bureau of Labor Statistics. As a result, women frequently make less income than men and have less access to an employer-sponsored retirement plan.
Nearly two-thirds of workers in low-paid jobs are women, with Black, Native American and Latin women particularly overrepresented compared with their shares of the overall work force, according to a study by the National Women’s Law Center. Some women take jobs such as fitness-class instructor, crossing guard or Instacart shopper, or do babysitting and housekeeping work, to get the flexibility they need to take care of their children or aging parents, Ms. Giles said.
“But then they do not make a livable wage, and it’s very difficult to save for retirement when you feel like you’re working for pocket change,” she said.
In light of the benefits of flexibility, the issue of retirement savings has taken an “extremely limited role” in women’s decision-making about staying home with their children, according to a 2022 survey of 1,586 mothers conducted by YouGov that was commissioned by TIAA and designed by the economist Emily Oster. Thirty-three percent of women reported putting “a lot of thought” into the effect that staying at home would have on their retirement savings, while nearly 20 percent said they didn’t think of it, the survey showed.
Other research has found that half of all mothers in the United States have no retirement savings, according to a survey cited in a 2023 report from the Century Foundation, a think tank that studies economic and social issues. Figures from the Census Bureau show there are about 34.5 million mothers living with children under the age of 18.
Leaving the work force for as little as five years to take care of a child could result in millions of dollars in lost earnings because of the way the U.S. retirement system is structured, said Laura Valle-Gutierrez, a fellow at the foundation. Caregivers lose an average of $237,000 in earnings over their lifetime, according to a 2023 Urban Institute study, with lost retirement income from Social Security and employment-based plans making up an estimated 20 percent of that total.
“We have a system of retirement that is completely tied to work, not only with pension plans but because Social Security earnings are tied to employment,” Ms. Valle-Gutierrez said. Women, in general, receive $5,000 less in annual Social Security benefits at retirement than men, she said.
There are ways to save for retirement even if you work part time, but doing so is not easy, Ms. Giles said.
“You have to be a diligent saver, and preferably set up automatic contributions so you never see that money before it gets invested for your future,” she said. AARP Research has found that Americans are 20 times more likely to save for retirement if contributions are taken from a paycheck automatically.
Crystal Cox tells her clients that it doesn’t matter how little money they put away each month, even if it’s just $5 or $10. “Whatever amount you can save per month, you just have to start, because it creates the habit,” said Ms. Cox, a certified financial planner and senior vice president with Wealthspire Advisors in Madison, Wis.
To help her clients find a few extra dollars in their monthly budget, Ms. Cox analyzes six months of credit card and bank statements to find recurring expenses that can be stopped.
“So many people don’t know where their money is going,” she said.
Ms. Cox learned recently that one of her clients, a 42-year-old woman who works in real estate, could cut her monthly expenses by $400 fairly painlessly. The client was paying for several monthly subscriptions that she never used, including Disney+, SiriusXM radio, YouTube Music and a gym membership. She also didn’t realize how much she was spending on impulse purchases at Target and Amazon, Ms. Cox said.
The client canceled all her unused subscriptions and deleted the Amazon app from her phone. “Deleting the app made a huge difference in her spending, because it’s so easy to think of something you ‘need’ and then buy it with one click,” Ms. Cox said.
The client agreed to deposit the money automatically into her Roth individual retirement account each month. “While that may not seem like a lot, $400 a month for the rest of her working life actually translates to a huge difference in her retirement,” Ms. Cox said. Assuming a 7 percent interest rate, a person could have $450,000 by the time she’s 69½, Ms. Cox said.
Even a tiny amount of money can add up over time. Ms. Giles cited the example of buying a daily latte. (The much-maligned financial advice to skip the morning trip to the coffee shop to save money does work, she said.)
“It can be powerful when you show them the math and what they could save when you extended it out for a month, six months, even 12 months,” Ms. Giles said. For instance, if you could save $6 a day, you would have an extra $180 at the end of the month and $2,160 at the end of year — and that’s before interest.
Another way to find savings is to take a closer look at annual bills — like cellphone and utility bills and insurance policies for your home and car, Ms. Giles said. Most people pay these invoices year after year without asking what they’re paying for, she said.
“Put in a call to your insurance agent and ask to review the coverage — specifically ask if there is anything you can cut back on, particularly if any of your needs have changed,” she said.
Once you find extra money, it’s important to set it aside immediately, Ms. Giles said; she recommends having any found savings automatically deducted from your paycheck and put into an I.R.A.
Too often people open an I.R.A. with the best of intentions but then underfund it by not making the deposits monthly, believing they will fund it in a lump sum at the end of the year, said Melody Evans, a wealth management adviser at TIAA. “But then other bills come up, there are emergency needs,” she said.
Mothers or caregivers who take time off from work to care for a child or an elderly parent should try to continue saving for retirement. For couples, if one spouse is working full time and the couple files a joint federal income tax return, the nonworking spouse can open and contribute to a spousal I.R.A., Ms. Giles said. In 2024, the annual contribution limit for Roth and traditional I.R.A.s is $7,000.
Overall, it’s a good idea for women to establish their own savings accounts and not rely on their spouse to fund their retirement savings account, said Ms. Cox, who often works with women who are recently divorced or widowed and find themselves struggling to make sense of their finances. “Having your own savings helps establish good money habits,” she said.
Too often, couples think about employer-sponsored retirement plans as a benefit only for the spouse who is working, Ms. Evans said. She recommends viewing retirement benefits as a vehicle for both spouses, much as a couple would view a working spouse’s health care benefits.
For instance, one of Ms. Evans’s clients is a teacher with access to a 403(b) retirement plan, a defined contribution plan offered by public schools and certain tax-exempt organizations. Her husband is self-employed and does contract work. While he can earn a significant salary over the year, the couple never know exactly when he’ll get a paycheck or exactly how much money he will earn.
If the wife was considering just her own $60,000 salary, she would probably plan to save about 7 percent ($4,200) for retirement, Ms. Evans said. Instead, the client included her husband’s anticipated salary in her calculations and is planning to save more than 18 percent of her pay ($11,200) because he doesn’t have access to the same type of low-cost retirement plan she does.
If your spouse has an employer-sponsored retirement plan, consider whether you’re saving enough for one person or two people to retire, Ms. Evans said.
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]]>An emergency fund is cash that is easily accessible only in case of an emergency. Unexpected financial events can come in many forms. Here are some of the top emergencies people face:
Most experts believe you should have enough money in your emergency fund to cover at least 3 to 6 months’ worth of living expenses. If that sounds overwhelming, the key is just to start with saving whatever you can put aside, no matter how big or small that amount. To set your emergency fund goal, start by calculating your monthly expenses. Create a budget to see where your money is going each month so that you can find opportunities to cut back and set that money aside for emergencies.
Remember, you do not need to put aside 3 to 6 months’ of savings all at once. You can build up your emergency fund with smaller amounts on a regular basis, such as every week or every paycheck. Even starting as small as $25 a week, you can accumulate $2,600 at the end of 2 years. Be patient, the important thing is just to start saving and get in the habit of saving regularly.
Consider keeping your emergency fund in a high interest savings account so that you can access it at any time. You can set up a savings account through a bank or credit union with either an automatic deposit from your paycheck or checking account. With automatic deposit, the money will be transferred without your even seeing it so you will be less tempted to spend it. Once you have reached your emergency saving goal, you could put any additional funds into money market account, a certificate of deposit (CD) or into a retirement account. Check out Bankrate.com to find and compare interest rates and fees for saving accounts, mutual funds and Certificate of Deposit.
An emergency fund can act as a financial “safety net” during a time of need. An emergency fund can prevent you from using credit cards or high-interest loans, such as payday loans, to help pay for expenses. This prevents a debt cycle that can keep you financially struggling for years and paying far more money.
Having an emergency funds can also help protect retirement accounts from early withdraws or loans that can limit the growth of long-term retirement savings. According to the Transamerica Center for Retirement Studies, 21% of loans taken out of retirement accounts were borrowed to cover a financial emergency[1].
If you are working to pay off debt, you may think that should take priority over saving. But there are lots of good reasons to still work towards building up your emergency savings while also trying to pay down your debt. Not having funds set aside for unexpected expenses can leave you more vulnerable to racking up more debt. Emergency savings can provide peace of mind and give you more confidence in your ability to handle a financial set-back.
There is no one-size-fits-all way to save and pay off debt, but if you have some savings already in place, prioritize paying your high-interest credit cards or loans first. If you have no savings, you should re-assess your spending/budget to find out where you can cut expenses and find additional money to save. It may mean making minimum payments on debt for a little while but that is okay as long as it’s temporary and you have a timeline in place for when you can get back to tackling your debt.
WISER provides resources, tools and information on a variety of topics related to savings, investing and retirement planning.
AARP Foundation’s MySavingsJar Program has practical tips and local resources to help you save money. Visit mysavingsjar.org.
America Saves provides tips, tools and opportunities to engage with a community of savers to actively set and reach your savings goals. Take the America Saves Pledge and they will send you short emails, text reminders, resources, and tools to keep you on track toward your savings goal. Visit americasaves.org.
[1] Transamerica Center for Retirement Studies, “Retirement Security Amid COVID 19: The Outlook of Three Generations” 20th Annual Transamerica Retirement Survey, May 2020
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