Women and Retirement

[5:06] Diana Zou:
Hello, hello everyone! Welcome to Building Your Financial Future. We are so happy to have you here with us.

[5:14] Diana Zou:
My name is Diana Zou, and I'm one of your co-hosts today. I've been in the financial industry for over a decade helping clients throughout their financial future from any point of their lives.

[5:31] Diana Zou:
But before I introduce my amazing co, host here with me, a couple of housekeeping things to go over. For those of you who are receiving wellness points, there will be a survey at the end of today's presentation.
Your employee passphrase is strong woman, just because of our topic, we thought it would be fitting.

[5:57] Diana Zou:
Also, for next month, the next wellness show will be July 16th at 12:00 p.m. Eastern Time. And with that, I will turn it over to Angela.

[6:04] Angela Navves:
Thank you very much! I am so happy to be co-hosting with you today, and it's such a great topic...

[6:37] Angela Navves:
And with that, let's begin with asking you all the most important question, right?...

[7:14] Angela Navves:
And with that, I know as women, we have challenges...

[7:21] Diana Zou:
That's a really good point. Thank you so much, Angela...

[8:21] Diana Zou:
Because we live longer, we’re more likely to live on our own during those retirement years...

[9:31] Diana Zou:
Some of the answers that are coming in here, about spending time with family...

[10:04] Diana Zou:
The first one being, most of us will generally need roughly about 60 to 90%...

[10:44] Diana Zou:
I’m going to switch these bullet points here, but I’ll cover it all...

[11:26] Diana Zou:
And then, the fun things we started with in our poll question...

[11:44] Diana Zou:
Going back to that budgeting notion, your budget is going to adjust throughout your lifetime...

[12:08] Diana Zou:
Two more things we want to consider for our retirement are something we're already experiencing right now...

[12:25] Diana Zou:
Inflation has been a topic since about 2020, right when COVID started...

[13:01] Diana Zou:
What does that mean to you?

[13:52] Diana Zou:
The other part that’s a big one is taxes...

[14:26] Diana Zou:
It’s broken down by portion: the first $12,000 might be taxed at 10%...

[15:15] Diana Zou:
A long, term capital gain means that if you’ve had an investment for more than a year...

[15:51] Diana Zou:
Still talking about taxable accounts, there’s also the idea of tax, free income...

[16:22] Diana Zou:
And then the last one, this is a big one...

[17:03] Diana Zou:
That’s just the start to our conversation here...

[17:19] Angela Navves:
That is such a great question...

[18:01] Angela Navves:
The average 65, year, old woman can expect to live to age 85 or more...

[18:46] Angela Navves:
The next question is: Where will that income come from during retirement?

[19:38] Angela Navves:
Let’s start with Social Security...

[20:34] Angela Navves:
Where do you find your personal numbers?

[21:17] Angela Navves:
Your benefit is based on:

[22:00] Angela Navves:
Every year, Cost of Living Adjustments (COLAs) are applied to your benefit...

[23:04] Angela Navves:
The age you start collecting impacts your monthly amount:

[25:02] Angela Navves:
So, should you take smaller checks sooner, or bigger checks later?

[26:58] Angela Navves:
Now, Diana, please tell us about pensions, the second pillar of retirement income.

[27:07] Diana Zou:
Thank you! And yes, I did see a couple of questions come in...

[29:17] Diana Zou:
Let’s talk about the second pillar: Pensions and Annuities...

[31:42] Diana Zou:
So what happens if you still have a gap?

[33:20] Diana Zou:
What can we do to cover that gap? I’ll turn it over to Angela...

[33:26] Angela Navves:
Thank you so much. And I do want to answer a couple questions here...

[34:07] Angela Navves:
With all the challenges women face, what can we do?

[34:51] Angela Navves:
If your employer offers a 401(k) or 403(b), start contributing as much as you can...

[35:40] Angela Navves:
Some of you have managed your family finances...

[36:58] Angela Navves:
Here’s a simple example of how saving just a little more each month makes a big difference...

[37:57] Angela Navves:
Start with whatever amount you can...

[38:48] Angela Navves:
Employer plans are powerful because they offer...

[40:32] Angela Navves:
And don’t forget the employer match, again, that’s free money...

[41:56] Angela Navves:
Retirement accounts have annual contribution limits...

[42:27] Diana Zou:
Let’s take some questions...

[42:43] Angela Navves:
Someone asked: Can I contribute to both a 401(k) and an IRA?

[43:31] Diana Zou:
Another question, someone noticed their employer match was reduced...

[45:01] Diana Zou:
Let’s talk about shortfall options, when your savings aren’t quite enough...

[46:03] Diana Zou:
Second, consider delaying retirement...

[47:00] Diana Zou:
Third, consider working during retirement...

[49:33] Diana Zou:
Fourth, if you claim Social Security before full retirement age...

[51:02] Diana Zou:
You might also consider downsizing your home...

[52:27] Angela Navves:
Let’s talk about HSAs (Health Savings Accounts)...

[53:28] Angela Navves:
If you work past full retirement age...

[54:01] Angela Navves:
Let’s recap:

[55:26] Diana Zou:
One question asked: Is there a cap on how much you can take out of a 401(k)...

[56:20] Diana Zou:
Another question: What happens to my HSA if I switch out of a high, deductible plan?

[57:22] Diana Zou:
Regarding Social Security and divorce or survivor benefits...

[58:26] Angela Navves:
For Roth IRAs, there are income limits for eligibility...

[1:00:32] Diana Zou:
Yes, naming beneficiaries is one of the simplest ways to manage estate planning...

[1:01:28] Angela Navves:
Survivor benefits also apply if you have young children...

[1:02:24] Angela Navves:
And that brings us to the end...

[1:02:43] Angela Navves & Diana Zou:
Thank you again for joining us today!
Have a great day, bye, bye!