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Codependency: An Interpersonal Phenomenon
In the popular and clinical lit, codependency has been defined as a disease (Wegscheider-Cruse, 1985), a personality disorder (Cermak, 1986), and a maladaptive way of relating to others (Fischer, Spann, & Crawford, 1991). These definitions and...
How To Break The Shackles Of Alcoholism With Alcohol Rehabilitation
Alcohol rehabilitation means bringing back people from the influence of alcoholism or "alcohol dependence." You will be said to be in a condition of alcoholism, if you display any or more of the following characteristics ( indicators of alcoholism...
My Son's Teacher was a Bully
When my son was in sixth grade, he came home with a rip in his new sneakers. He told me the gym teacher did it during a sneaker check. It sounded like a fib, or at best, an accident on the teacher's part, but I needed to clarify things. "You mean...
Rasing a Violent-Free Teen in 10 Easy Steps
The disquieting behavior of teenagers in the 21st century, is being hailed by experts as a disturbing trend among troubled youth. Such an interpretation may be factual, but mental heath advocates maintain there are guidelines parents...
Who Wants To Be Rich?
Well you may not become a billionaire or even a millionaire, but research shows that marriage helps couples and individuals generate more income and wealth than singles, and even cohabitating couples. According to The Marriage Project researchers...
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Women, Retirement and Social Security
Which of the following are reasons that Social Security is especially important to women:
a) Women are less likely to have pensions when they retire. b) Women live longer than men, increasing chances of outliving their assets.
c) Women have average lower lifetime earnings because of pay-inequity and time out of the work force to care for family. d) All of the above.
The answer is d) all of the above.
Women are living well into the eighties and many will spend more years in retirement than they ever did working. As you can imagine, this is placing a tremendous strain on the Social Security system. One of the best ways to be prepared for retirement is to prepare yourself.
"Forty-two percent of all women over seventy-five are living on less than $13,000 a year, and when Baby-Boom women retire, only an estimated twenty percent of them will be financially secure" according to a special report titled "Why Most Women Can't Afford To Retire" in the current issue of Ms. Magazine. It is estimated that only 20% of boomer women (born between 1946 and 1964 will be financially secure in retirement.
Here's some wisdom for women planning for retirement:
1. Statistics show that 80% of women will need to take charge of their own finances at some point in time. It is important for them to fully understand their personal finances and investments. If you don't understand your finances, ask your husband to explain them to you, enroll in a class and your local community college or learning center or check out some financially related books from the library.
2. It's never too soon to get started investing for retirement. The sooner you get started, the longer you have to let your money work for you. Don't put off saving. Just $25 a week starting at age 35 could add up to $100,000 to your nest egg before retirement. Start now, automate the process by having the money automatically deducted from your paycheck before you have a chance to spend or even see it.
3. Whenever you take a job, always ask about their pension plan. Find out how long until you are eligible, vesting requirements, will the employer
contribute to and/or match your funds and if so, at what percentage rate?
4. Beware of taking Social Security early. Currently, the retirement age for full benefits is 65, and the earliest age at which one is eligible for benefits is 62. If you take your retirement benefits early, the result is reduced benefits by as much as 30 percent for as long as you live. The eligibility age for full Social Security benefits has been revised from 65 to 67 years of age, to be phased in by the year 2022.
Here are a few resources on Women and Social Security. Some sites represent different viewpoints. It is good to be aware of the different opinions and to realize that the more you can save for your own retirement, the better off you will be regardless of what happens with the Social Security System.
Interesting Links:
The Social Security Administration: To read about available programs and to order a statement of your estimated future benefits, call (800) 772-1213 or check out their web site at http://www.ssa.gov
Take a Social Security Quiz: http://www.women4socialsecurity.org/quiz.htm
Women's Social Security Issues: http://www.womensissues.about.com/newsissues/womensissues/library/weekly/aa0 42000a.htm
Social Security Privatization Article: http://www.socialsecurity.org/women.html
More Social Security Issues: http://www.cpr4womenandfamilies.org/ss2000.html
Doris Dobkins, Money Saving Expert Author of "Financial Freedom A-Z Home Study Course" and publisher of the free weekly ezine $mart Money New$ To subscribe, send an email by clicking on this link -> mailto:join-smart_money_news@nova.sparklist.com or sign up at her web site: http://www.creativefinances.com
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