The Working Woman's Retirement Plan Checklist

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What women need to know:

  • Have you earned a retirement plan(s)?
  • Do you know how much your plan(s) will be?  
  • Do you know what happens to your plan if you change jobs?
  • Do you know what happens to your plan if you retire early?
  • Do you have retirement plan information from all of your jobs?
  • Do you know how much your Social Security benefit will be?
  • Do you know how you can save for retirement if you do not have a retirement plan?


What information women need to ask their spouses:

  • Have you earned a retirement plan(s)?   
  • Do you know how much the plan will be upon retirement?
  • Will I receive a benefit in the event that you become disabled or die?
  • Do you know how much that benefit will be?
  • When are you entitled to retire and receive a full or partial retirement benefit?
  • Do you know whom to talk to at work about this?
  • Does your job allow you to save through a tax deferred savings plan such as a 401(k) plan or a 403(b) account?
  • When should we discuss our overall retirement strategy to plan for our future?
  • Do you have an Individual Retirement Account?  Am I the beneficiary?


What women need to ask their employers:

  • Does the company offer a retirement plan?    
  • Does the plan cover or include my job?
  • Can my plan benefits be reduced by Social Security or other government payments?
  • How long does it take to earn a legal right to the plan?
  • Do we have a tax deferred savings plan such as a 401(k) or a 403(b)?  Does it offer employer matching contributions?
  • What is the present value of my retirement plan, and what would happen if I changed jobs today?


What women need to know if contemplating divorce:

  • Did you find an attorney who is knowledgeable about splitting retirement benefits in divorce?
  • Am I eligible for a portion of my spouse’s retirement plan?
  • Will I qualify for a portion of my spouse’s Social Security benefit?
  • How can I ensure that my husband does not give his retirement plan benefits to someone else?
  • Can I ensure that my spouse does not select lifetime benefits in lieu of a joint and survivor annuity?

 

 

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