Investing sooner rather than later is more than good advice for women – it’s life changing!

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Today’s financial information and investing models are not gender neutral and can unintentionally provide a discriminating view.  Understanding that women naturally earn less, take time off from a career and live longer creates a completely and more expensive path into retirement.  This article shares some key pieces of information about why women are encouraged to educate and invest sooner rather than later:

https://www.marieclaire.com/career-advice/a26076501/what-is-investing-for-women/

Women and the Importance of Retirement Saving:

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Women should be placing a greater importance on their focus towards retirement planning and making this focus intentional by way of saving, systematically.  Primarily women cost more, we live longer and incur statistically more healthcare costs as compared to our male counterparts.  Yet, women today still do not list saving for retirement as a number 1 priority.

The article below from Forbes raises awareness for women to realign their focus for retirement planning and creating this objective as a number 1 priority:

https://www.forbes.com/sites/elizabethharris/2018/03/28/new-study-may-explain-why-some-women-save-less-than-men-for-retirement/#1a5457483e52

Taxation of Social Security Benefits and Translating the Confusion

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The taxation of Social Security Benefits is often a shock to most people as it is commonly assumed that after age 70, those benefits are not taxed.  The taxation of benefits is based on your income which also includes investment income and non-taxable bond interest irrespective of age.

If you have a combined income greater than $34,000 annually ($25,000 for single filers), then a portion of your benefits will be taxed regardless of age.  Also note that RMD’s (required minimum distributions) are considered income and will add to your base for calculating how much of your benefits are taxed.

This is a great article from AARP that explains the details and caveats for the taxation of your retirement benefits.  If you have further questions or if can assist you with better understanding your unique situation, please contact my office on 703-535-5921 or send an email to [email protected].

https://www.aarp.org/retirement/social-security/questions-answers/how-is-ss-taxed.html