Social Security was never designed to cover your entire retirement, yet many women expect it to play a major role. A recent Transamerica Center for Retirement Studies survey found that 27% of women workers expect Social Security to be their primary source of retirement income, compared with just 19% of men. This reliance is concerning because the Social Security trust fund is projected to be depleted by 2033, which could lead to benefit cuts if no reforms are made. In this “Financially Savvy Female” col ...

More than 1 in 5 women have no cash savings at all — and even those who do may not have enough. A recent Fidelity study found that women have an average of $54,000 saved, compared to $62,000 for men. But with rising costs, economic uncertainty and the gender pay gap, that cushion might not go as far as you think. Read Next: 6 Things You Must Do When Your Savings Reach $50,000 Be Aware: 4 Surprising Things That Could Impact Your Wallet If a Recession Hits In this “Financially Savvy Female” column, we’re c ...

[music] [applause] I love talking about a topic that most people try to avoid. It's something that affects every single person in this room. Where we live, where we work, where we play, how we care for ourselves and others.It even shows up when we're scrolling through social media. Can you guess what it is. It's money.Money affects every single part of our lives. Yet, most of us don't talk about it, even with the people closest to us. We'll talk about everything else.Our family drama, our mental health, our ...

Core Insights - The article discusses the complexities of deciding when to start receiving Social Security benefits, emphasizing that benefits are calculated based on the highest 35 years of earnings rather than the most recent years [1][2][4] - It highlights the potential for individuals to increase their benefits by continuing to work and earning more than their previous highest earning years [12] - The article also addresses the implications of life expectancy on retirement planning, noting that longer life expectancies necessitate careful consideration of retirement savings and benefit timing [14][15] Summary by Sections Social Security Benefits Calculation - Benefits are based on the highest 35 years of earnings, allowing for potential increases if higher income is earned after starting benefits [1][12] - The Social Security Administration reviews earnings records annually, even after benefits have begun [2] Retirement Age and Benefits - Individuals born in 1960 or later will reach full retirement age (FRA) at 67, with benefits increasing for each year benefits are delayed until age 70 [3][13] - Starting benefits before FRA results in reduced monthly payments, while no benefits are withheld after reaching FRA regardless of earnings [4][8] Financial Considerations - The maximum monthly benefit for those starting at age 62 is $2,831, while the average benefit for women at age 66 is $1,441.82 [11] - If an individual continues to work and earns above their previous highest years, they can displace lower-earning years and increase their benefits [12] Life Expectancy and Retirement Planning - Life expectancy for men reaching age 65 is projected at 84.3 years, and for women, it is 86.9 years, indicating a need for long-term financial planning [14] - The decision of when to retire and start benefits is personal and should consider financial implications and personal fulfillment [16]

Career Advancement & Networking - Networking is more effective than solely relying on job applications for securing better-paying positions [1] - 85% of jobs are filled through networking, according to a 2016 LinkedIn report [1] - Requesting informational interviews is crucial before applying for a job [1] - Preparing 3-5 questions for informational interviews is recommended, focusing on company culture, team goals, and expectations for the first six months [1] Gender Pay Gap & Workplace Dynamics - Women in the US earn an average of 82% of what men earn in comparable roles, according to a 2022 Pew Research Center report [1] - The document advocates for women to proactively create networking opportunities to address pay disparities [1] - The importance of assessing company culture and ensuring a "lifegiving environment" is highlighted [1] Actionable Strategies - Email hiring managers directly to request informational interviews before formally applying [1][2] - Use information gathered during informational interviews in application materials to demonstrate fit and enthusiasm [2] - Focus on "who you know" rather than solely on resume improvements [1]