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  • Posts Tagged ‘Older Americans Month’

    Stay Engaged With Financial Wellness At Every Age

    Tuesday, May 29th, 2018

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    Every May, WISER is pleased to partner with organizations across the country for Older American’s Month, led by the Administration on Aging, part of the Administration for Community Living. The 2018 theme, Engage at Every Age, emphasizes that you are never too old (or young) to take part in activities that can enrich your physical, mental, and emotional well-being. It also celebrates the many ways in which older adults make a difference in our communities.

    Here at WISER, we believe wholeheartedly in the message of Older Americans’ Month—that no matter your age, you have unique benefits to offer to society, your loved ones and yourself. Even if you are no longer working, there are ways to stay engaged with the world around you. Doing so keeps you connected to others and keeps you alert—which is a good thing for your finances. The more isolated you are, the more susceptible you can become to financial scammers, who are likely to prey on older Americans.

    A great way to stay engaged with others is by sharing the financial lessons you’ve learned throughout your life. WISER’s website is filled with resources that make doing so easy. For example, WISER has dozens of fact sheets that cover the basics on many topics. They can be a helpful guide for talking to others about money. For example, here’s a list of 5 things mothers should tell daughters about money and retirement. Other resources are aimed at younger people, like “The Beginner’s Guide to Saving and Investing.” It can provide a framework for an initial conversation talking to the teenagers and young adults in your life about the importance of long-term planning. If you know a young person planning for college, talk them through“Student Loans 101” to make sure they know exactly what to expect if they plan to take out loans.

    For those who aren’t quite ready for more advanced money topics, WISER created a storybook called Sonja Meets Her Future Self.  The book is available for free download or can be ordered directly from WISER.  In the story, a young girl named Sonja travels forward in time and meets future versions of herself. Along the way she learns about the importance of saving and what it means to be retired. This booklet provides a multi-generational look at retirement planning and the valuable lesson of save, spend and give.

    In addition to teaching others about financial lessons, another great way to stay engaged is through volunteer work. Doing so can keep you busy during retirement and is often an activity that is free of cost. Websites like volunteermatch are a great starting point. Your local library is another great resource to find community groups that will keep you engaged.

    WISER believes that financial security is tied to better physical, mental and emotional well-being. Stay engaged during Older Americans Month (and year-round) with our resources.

    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.

    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.

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