WITH THE NEXT JACKPOT ON
TUESDAY, IT WOULD BE THE 15th
LARGEST JACKPOT IN THE HISTORY
OF THE GAME.
GOOD LUCK.
CAN BE TRICKY TO JUGGLE
HOUSEHOLD DUTIES, WORK AND MORE.
I SPOKE WITH A LOCAL FINANCIAL
PROFESSIONAL, ABOUT WAYS TO
CELEBRATE MOM IN A WAY THAT CAN
BE REFLECTED AT THE BANK.
FINANCIALLY.
FIRST OF ALL, WOMEN MAKE
ABOUT 75% OF WHAT MEN MAKE ON
AVERAGE MANATT ALL THE TIME,
BUT THE MAJORITY OF THE TIME.
WITH THE FACT WOMEN ARE
TYPICALLY RETIRING SOONER. ON
AVERAGE AT 64 YEARS OLD.
THEY ARE SAVING MONEY LESS
TIME, NOT WORKING AS LONG.
THE CENSUS BUREAU REPORTS OF
THOSE MARRIED, WOMEN ARE 80%
MORE LIKELY TO BE WIDOWS, SO
THEY ARE GOING TO BE ON THEIR
OWN FOR A WHILE. THEY ARE GOING
TO HAVE TO FIGURE THINGS OUT
AND KEEP FOCUSING ON THEIR OWN
FINANCIAL MEANS.
THOSE, COUPLED WITH FINANCIAL
CONCERNS, WORKING OR RETIRED
MOMS, THEY NEED HELP.
WE HAVE TO MAKE OUR MONEY
HOW DO WE GO ABOUT STARTING
THAT?
FOR MOMS, TYPICALLY THE
FIRST ONE IS TO TAKE CONTROL OF
IT DOESN'T MEAN TAKE IT OUT OF
THE MONEY TAKEN OUT OF THE BANK
AND RUN WITH IT.
IT MEANS PLAY AN ACTIVE ROLE
WITH THAT.
IF ONE OF THE SPOUSES DOESN'T
STAY BEHIND, BECAUSE THEY DON'T
WANT TO BE INVOLVED.
LESS THAN ONE OUT OF FIVE WOMEN
HOW ARE YOU SUPPOSED TO KNOW
WHEN YOU CAN RETIRE, AND WHAT
RETIREMENT IS GOING TO LOOK LIKE
UNLESS YOU GET INVOLVED?
HOW DO YOU GO ABOUT A
RETIREMENT PLAN?
WHY IS IT THAT SO FEW HAVE A
RETIREMENT PLAN?
FIRST OF ALL, THEY ARE NOT
PUTTING THEMSELVES FIRST, FIRST
OF ALL.
LIKE MY WIFE, SHE'S WEARING HER
FIVE OR 10 HATS AT A TIME. MEN
THINGS, WE ARE NOT AS GOOD AT
MULTITASKING.
MAMA IS GETTING INVOLVED.
MOMS ARE EVEN HELPING ADULT
CHILDREN SO MUCH THAT THEY PUT
RETIREMENT ON THE BACK BURNER.
YOU CAN DO THAT.
TO HELP YOUR ADULT CHILDREN.
THEY HAVE TIME TO MAKE MISTAKES
AND RECOVER, WE DON'T HAVE AS
MUCH TIME WHEN WE GET OLDER, TO
MAKE FINANCIAL RESTRAINT
MISTAKES.
HELP YOUR ADULT CHILDREN IN
OTHER WAYS, BUT NOT
FINANCIALLY.
DO NOT PULL MONEY OUT OF YOUR
RETIREMENT ACCOUNTS.
MONEY OUT OF THE IRA OR 401k,
AS THE EMPLOYER WILL ALLOW THEM
TO WORK, WHICH IS SAD.
YOU SAY THAT SO FEW HAVE A
RETIREMENT PLAN, WHERE DO YOU
START?
THAT IS THE KEY, JUST START
BUILDING A PLAN.
DON'T LIKE TO BE TOLD WHAT TO
DO, YOU LIKE BEING TOLD WHY YOU
NEED TO DO THINGS.
IF YOU HAVE A SPOUSE, OR YOU
ARE MARRIED, YOU ARE FINANCIAL
PLANNER NEEDS TO SEE THAT.
YOU CAN SEE THE VISION, YOU CAN
SEE THE BIG PICTURE.
GET THAT COMPANY MAGIC WORKING.
AND AS YOU GET RAISES, KEEP
WE ALSO RECOMMEND NOT JUST
COUNTING ON RETIREMENT PLANS
OUTSIDE OF YOUR EMPLOYERS, JUST
STARTING SOMEWHERE IS THE KEY.
ANOTHER TIP THAT YOU HAVE IS
LOOKING AT SOCIAL SECURITY AND
MAKING THAT WORK FOR YOU.
UNDERSTANDING THE RULES OF
SOCIAL SECURITY.
GET THE SMALLEST BENEFIT THAT
YOU GET FOR THE REST OF YOUR
LIFE, SMALL COST-OF-LIVING
ADJUSTMENTS, IT CAN REALLY HURT
AND THEY DON'T UNDERSTAND THE
RULES WHEN IT COMES TO EARNING,
IF YOU WANT TO WORK AND COLLECT
SOCIAL SECURITY BEFORE YOUR
FULL RETIREMENT AGE, SOCIAL
SECURITY ONLY ALLOWS YOU TO MAKE
A LITTLE MORE THAN $19,000 PER
YEAR THIS YEAR.
IF YOU MAKE MORE THAN THAT,
THEY TAKE SOME OF YOUR MONEY
AWAY.
YOU HAVE TO BE AWARE THAT
CERTAIN STATES, LIKE MINNESOTA,
WILL NOT TAX YOUR SOCIAL
SECURITY.
RETIREMENT PLANNING, YOU HAVE
TO LOOK AT THAT AS WELL.
IF YOU ARE MARRIED, YOU HAVE TO
LOOK AT WHAT WORKS TOGETHER
WITH YOU, AND YOUR SPOUSE.
YOU MAY BE ABLE TO TAKE HALF OF
YOUR BENEFITS FROM YOUR SPOUSE,
SHE HAS BEEN A CAREGIVER MOST
OF HER ADULT LIFE.
SHE IS SET UP TO GET HALF OF MY
BENEFITS.
SHE IS GOING TO GET A STEP UP,
TO HALF OF MINE.
IT CAN ALSO WORK IF YOU ARE
MARRIED, BUT WHAT IF YOU WERE
ARE X PASSES?
YOU CAN GET 100% OF THEIR
BENEFIT IF YOU ARE MARRIED FOR
AT LEAST 10 YEARS.
HE MIGHT GET HALF OF IT.
CLIENTS, UNFORTUNATELY THERE
SPOUSE PASSED AWAY. SHE MADE
ENOUGH MONEY TO NOT BE OVER THE
EARNINGS TEST, BUT TO BE ABLE
TO COLLECT SOCIAL SECURITY AND
WORK, AND DELAY HER BENEFITS
UNTIL 70 YEARS OLD.
SO SHE WAS ABLE TO GET MAXIMUM
BENEFIT AT 70 YEARS OLD.
THERE ARE A LOT OF BENEFITS
WHEN IT COMES TO YOU, AND YOUR