What Women Need to Know About Retirement - Wiser

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San Francisco (AZ, CA, GU, HI, NV) Social Security Administration Suite 100, 1 st Floor 1211 Nevin Avenue Richmond, CA 94804 http://www.ssa.gov/sf/index.htm Seattle (AK, ID, OR, WA) Social Security Administration Suite 100 901 Lenora Seattle, WA 98121 http://www.ssa.gov/seattle/index.htm 75
Glossary of Terms Annuity: Provides a regular series of payments, usually monthly, over a specified period of time, often for life. The purpose is to provide a steady stream of income. Beneficiary: The person designated to receive pension, life insurance or other benefit payments if the participant or insured dies first. Covered: A person who works for an employer who provides a plan, but until or unless certain requirements are met, such as length of service, she may not be eligible to participate in or receive benefits from the plan. Defined Benefit Plan: A traditional pension plan, insured by the government, that pays a certain specified benefit, usually based on age at retirement, rate of pay, and the number of years worked. The employer is responsible for the plan and bears the risk. Defined Contribution Plan: A retirement plan in which contributions are made by the employee, the employer, or both. The final payout depends on how much is invested and the success of the investments. This type of plan is not insured by the government, and the employee bears the risk. Early Retirement Age: A term used by Social Security, early retirement age, generally 62, is the earliest age a worker can receive retirement benefits from Social Security. Employee Retirement Income Security Act (ERISA): The federal law, which took effect in 1976, which regulates private pensions. 401(k) Plan: A voluntary savings plan, named for the section of the tax code that established it. Employees contribute a portion of their salaries, and employers may match some or all of their employees’ contributions. Depending on the type of 401(k), it can be tax deferred or tax free at withdrawal. The employee bears the investment risk. 403(b) Plan: A voluntary savings vehicle for the non-profit sector, also named for the section of the code. It is similar to the 401(k). Individual Retirement Account (IRA): An IRA is an individual savings account that gives tax advantages to those saving money for retirement. Joint & Survivor Benefit: The worker receives monthly pension benefits for life, and at the worker’s death, the survivor will continue to receive some portion of those benefits. This option results in lower monthly payments during the worker’s lifetime. Lump-Sum Payment: Payment of an entire accrued benefit. Participation: Whether a worker is included in a company’s pension plan. Employers, for example can place requirements on participation such as a worker must work more than 1,000 hours in any year, or must have worked for the employer for at least one year. Pension Integration: Subtraction of part of an individual’s Social Security benefit amount from the pension benefit amount. Portability: The ability to take a vested retirement benefit from one employer and roll it either to a retirement plan with another employer, or to an individual retirement account (IRA). 76
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Foreword by Teresa Heinz Kerry What
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Foreword By Teresa Heinz Kerry Ther
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stability, and protecting Social Se
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WISER’s mission, our goal, our de
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Work Status � Women are more like
Page 11 and 12:
10 Ways to Become Financially Wiser
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Chapter Two: A Lifetime Money Plan
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children through college. The avera
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mortgage payments, no rent checks.
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you put in, so the government gives
Page 21 and 22:
Chapter Three: Understanding Stocks
Page 23 and 24:
innovative industries like computer
Page 25 and 26: countries that have yet to develop
Page 27 and 28: How Bonds Make (and Lose) Money Bon
Page 29 and 30: Buying Individual Bonds If you have
Page 31 and 32: ond funds. Your money won’t grow
Page 33 and 34: #2: The Types of Retirement Benefit
Page 35 and 36: Here’s a breakdown of when you ca
Page 37 and 38: your name, and your date of birth.
Page 39 and 40: Women’s Institute for a Secure Re
Page 41 and 42: Medicare Has Four Parts: A, B, “C
Page 43 and 44: You also have to pay a deductible a
Page 45 and 46: Note: It may be that you are inelig
Page 47 and 48: factor in the premium costs. Unlike
Page 49 and 50: WISER FACT SHEET 10 Questions to As
Page 51 and 52: Chapter Six: Where Will Your Retire
Page 53 and 54: Workers, employers or both can cont
Page 55 and 56: Jessica Jessica, age 38, is just di
Page 57 and 58: Chapter Seven: When the Unthinkable
Page 59 and 60: Visit the WISER (Women’s Institut
Page 61 and 62: Bank or credit card accounts: If a
Page 63 and 64: children, and survivor benefits for
Page 65 and 66: Biographies (By Order of Chapter) T
Page 67 and 68: By using actuarial science to contr
Page 69 and 70: Kansas City Regional Office 1100 Ma
Page 71 and 72: U.S. Department of Labor Women’s
Page 73 and 74: National Center on Women and Aging
Page 75: U.S. Social Security Administration
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