Learn more about the challenges facing women and the opportunities available to help you find confidence in your financial future and well-being.
What Women Should Know About Social Security
By: Karyn Damschen
Women live, on average, ten years longer than men. Women also tend to earn less than men in their lifetimes, often due to working from the home raising children or caring for family members. Given these two facts, longer life and less income, it is important that women understand their Social Security eligibility and get the most out of their benefits. And 40% of recent women claiming their benefits were only 62 years old while only 3% were 70 when they claimed their Social Security– the age at which you would receive your maximum payout. If you claim your benefits early, you may receive a payment reduced as much as 30% of its possible value.[i] Since women may live over thirty years or more on that payout, it’s good to know your options. We encourage you to visit the Social Security website, or a local office, and look over your details, making sure everything is accurate.[ii] We may also be able to help you in this area.
Steps to a Successful Mid-Life Course Correction
By: Karyn Damschen
You had a plan. You’ve been moving down the path toward your goals, investing all the while. And then, somewhere along the way, something changed. You found the path was no longer the one you wanted to be on so now you’re navigating a mid-life course correction. This could be making a career change, getting divorce papers, selling/buying a business, or pursuing a passion. The good news is, studies show adults making a mid-life career change can be very successful and report making the move made them happier. Before you make the big leap, let’s go through some of the steps and questions anyone embarking on a major life change might consider to ensure a smooth transition to the next chapter of their life.
Stacked Deck: From Accumulation to Retirement, Women Face an Uphill Climb
By: Karyn Damschen
The American workforce is divided almost down the middle between men and women. The drive for women to succeed and advance in their careers has grown substantially and with that comes the need for more time in the “office” and more “balance” with the duties of domestic life. But, this is not exactly what is happening. Statistically, women continue to take on most of the family and domestic responsibilities, in addition to working full time, leaving little time for any kind of self-care in the way of seeking help when they need it or simply taking a moment to regroup, go to the gym, or take a meditation class. It may be in part because of this increase in overall workload that suicide rates among women age 45-60 have jumped dramatically in the last two decades.[i]
Mars and Venus: Communication in Planning for Retirement
By: Karyn Damschen
Communicating with your spouse when it comes to finances and planning for the future can have a positive impact on, not just your financial well-being, but your relationship.
According to the National Endowment for Financial Education, 31% of Americans admitted that they have lied to their spouses about finances. Financial infidelity can lead to lack of trust in a relationship and can diminish open communication about other things beyond finances. When creating a strategy for long-term financial plans it is paramount that couples share the responsibility and maintain an open dialogue with each other and their financial advisor.
Maximizing Potential: Why Women Succeed As Investors
By: Karyn Damschen
Much has been written about the reasons women investors arrive at retirement with less money than men. One of the most obvious reasons is that women are likely to take time off during prime earning periods to have children or take on the role of caretaker for elderly relatives. And despite significant progress in pay equality over the past few decades, women continue to make about 80% of what is paid to their male counterparts. All of these factors result in women being unable to squirrel away as much money as men during their top earning potential years.
Getting Back to YOU After a Divorce
By: Karyn Damschen
Divorce is a major life transition and whether you are just beginning the process, in the thick of it or emerging on the other side, you are likely experiencing a wave of emotions that may vary from elation to despair. The bottom line is, no matter who has made the choice to end the marriage it is not a walk in the park and, in most cases, it takes a whole lot longer to get divorced than it does to get married.
Are You and Your Marriage Ready for Retirement?
Retirement can spark both stress and disagreement in an otherwise contented marriage. After years of happy, healthy, wedded bliss, sometimes one or both spouses are surprised to find themselves less than fulfilled once retirement comes. Negotiation and compromise are key elements in a successful marriage—long-time spouses already know this and practice both well. It can be difficult for spouses to enjoy their later years if each wants to sail in their own direction. Marital stress in retirement can be linked to two primary sources: one, the difference in timing on when each spouse retires; and two, different expectations for what life in retirement will be like.
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Sincerely,
Karyn Damschen
Karyn Damschen
Karyn Damschen, never one to shy away from helping others, has committed herself to a life of community service for more than two decades.
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