In January 2021, 275,000 women dropped out of the labor force, amounting to roughly 80% of all workers over the age 20 who exited the workforce last month. The total number of women who have exited the labor force since February 2020 comes to more than 2.3 million. By comparison, nearly 1.8 million men have left the labor force during this same time frame.
Ageism is alive and well in the workplace. It’s not going anywhere. It’s been here––it’s like the last ism that people don’t like to talk about it that much. They say, “Oh, we don’t have that in our company.”
Some retirees may be surprised to learn that a portion of their Social Security benefits could be subject to federal income taxes.
Taking early retirement can throw a monkey wrench into your future financial security. That’s why it’s vital to be cautious before doing it.
Look at saving as making an investment in your future self. It’s self-care. You’re saving for “living,” not “retirement.” To me, that’s a better way to frame it, especially when retirement is a fuzzy concept at best.
“Mortality is on the front of their minds,” Rubin said. “Spurred by the coronavirus pandemic, clients who I haven’t heard from in 10 or 15 years, as well as prospective new clients, have been reaching out to update their existing estate planning documents, or write new ones. I
Assess when, how and if you plan to retire. Many of us want to keep working beyond a traditional retirement age for the mental engagement as well as the money. You might be thinking of retiring from a primary career and launching an encore one or even starting a business. Once a year, think through your plans.
Kerry Hannon and host Ted Fox discuss how to think about work at different ages and stages of a career, from people who are just starting out to those 50 and over. The latter were the focus of her 13th book, Never Too Old to Get Rich: The Entrepreneur’s Guide to Starting a Business Mid-Life.
“My biggest concern is that women are still lagging their male counterparts men — even millennial women — in retirement savings as well as their income,” Judith Ward, a senior financial planner at T. Rowe Price.
“The self-employed have an inspiring vision of aging and retirement,” Catherine Collinson, CEO and president of the nonprofit Transamerica Institute and Transamerica Center for Retirement Studies, told me. “Compared with employed workers, the idea of retirement isn’t as relevant, because they have far greater freedom to continue working — or retire — on their own terms.”