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Tip of the Week

Thinking About Retirement

It’s easy to put of thinking about retirement when there are so many other immediate expenses that constantly have your attention. However, it is averaged that you will spend 20 years in retirement. On top of this fact, 80% of women live longer than their spouses, and often by many years. That is a considerable amount of time to be without working income and on your own.

If you haven’t taken a serious look into your retirement, start today. Below is a list of questions from Women’s Institute for a Secure Retirement to consider when planning for your retirement:

What Women Need to Ask Themselves:

  • Have you diversified your investments?
  • Do you know what the value of your investments is expected to be at retirement?
  •  Have you planned how you will manage payouts from an employee savings plan, such as a 401 (k) plan?
  • Have you provided for ways to protect your assets, such as through life, disability income or long-term care insurance or by purchasing an annuity?
  • Want to change you retirement plan? Which plan could you roll it into? Take a look at our chart to the right to find out!


What Women Need to Ask Their Spouses:

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


What Women Need to Ask Their Employers:

  • Does the company offer a pension plan? A savings plan?
  • Am I eligible for the pension plan?
  • Is the pension plan integrated with my Social Security benefit?
  • How long does it take to earn a legal right to the pension?
  • Do we have a tax deferred savings plan such as a 401(k) or a 403(b)? Does it offer employer matching contributions?
  • What will the present day value of my pension if I consider changing jobs today?


Statistics show that women, whether single, divorced, or widowed, should expect to spend an average of one third of their adult life on their own. Start planning now to insure a long and financial healthy retirement for yourself. You probably won't have the luxury of waiting for someone else to do it for you.

 

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Montana Credit Unions for Community Development (or MCUCD) is the award-winning, charitable arm of the Montana Credit Union Network. A state-wide nonprofit organization, MCUCD works together with the state's credit unions to improve the lives and financial independence of all Montanans.