[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!
In this session, Diana and Angela share retirement planning strategies tailored for women:
- Understand Your Income Needs: Learn how to estimate retirement expenses and plan for sustainable income.
- Maximize Social Security Benefits: Explore strategies to optimize claiming decisions for long-term security.
- Leverage 401(k)s and IRAs: Discover how to make the most of tax-advantaged retirement accounts.
- Navigate Unique Challenges: Address factors like longer life expectancy, rising healthcare costs, and career breaks.
- Close Retirement Gaps: Gain practical tips to strengthen savings, bridge shortfalls, and build financial confidence.
This session equips women with the tools and knowledge to overcome challenges and prepare for a secure, confident retirement.