Many Women Fear They Won’t See a Comfortable Retirement

Also: IRS Warns Tax 'Refunds May Be Smaller in 2023'

͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌  November 29, 2022 Feeling financially fragile? If you’re a woman who works outside the home, you've likely been hit with some employment and economic hardships, according to a report from the Transamerica Center for Retirement Studies. Women have made great strides in education and jobs in professions (medicine, finance, law) that used to be almost the exclusive provenance of men. But they still face a stubborn gender pay gap. Over a 40-year career, a woman could miss out on as much as $417,000 in earnings compared with a man, according to the Center for American Progress. For one thing, women are more likely than men to step out of their careers to care for young children or aging parents — and that can lower lifetime earnings and cut into the ability to save, whittle retirement accumulations and ultimately shrink Social Security benefits. Throw in that women tend to live longer than men and you have an even greater need for more assets in the retirement years. Here’s how women survey respondents view their retirement prospects in Transamerica’s recent report: Very confident they’ll be able to retire comfortably: 21% Feel they are saving adequately for retirement: 24% Expect to retire after age 70, if at all: 41% Worry that Social Security will not be there for them when they are ready to retire: 76% One thing you can do to boost your retirement strategy, whether you’re early, mid or late-career: Track down any old 401(k)s you might have floating around. It’s easy to forget about them. In the excitement of a new job, an old 401(k) isn’t usually top of mind. But small amounts add up, and several small-balance 401(k)s can mean a considerable sum. For more, read our story on rolling over a 401(k): whether you should leave it where it is, roll it over into a new employer’s plan or into an individual retirement account (IRA). — Jill Cornfield, deputy editor P.S. If you got this newsletter from a friend, sign up here for email delivery to make sure you don't miss the next issue.   Timely Retirement News, Insights and Advice

Digital-Only Coupons Discriminate Against Seniors and Low-Income Shoppers: Report Can coupons be discriminatory? A group of consumer advocates says yes, arguing that digital-only grocery store coupons are inaccessible to some seniors and low-income shoppers, who often lack access to technology or the skills to use it. These shoppers — who need coupons the most — are losing out on discounts as retailers transition to digital-only in-store deals. READ MORE

Is Now a Good Time to Refinance Your Mortgage? With interest rates hovering around 7%, most homeowners will find that now is not a good time to refinance their mortgage. There are fewer than 200,000 borrowers who could benefit from a rate and term refi at current rates, according to real estate data company Black Knight. READ MORE

IRS Warns Tax ‘Refunds May Be Smaller in 2023’ When you file your taxes next April, don’t be surprised if your tax refund is a bit smaller than it was this year. “Refunds may be smaller in 2023,” the IRS said in an announcement warning folks to temper their expectations for their next tax refund. “Taxpayers will not receive an additional stimulus payment with a 2023 tax refund because there were no Economic Impact Payments for 2022.” READ MORE

How Much Should You Save for Retirement? It’s more important than ever to save for retirement — but not just by squirreling away money here and there, hoping that it will be enough by the time you’re ready to leave your job. To keep up with inflation, that money also needs to grow over time. That's why it's important to invest in the stock market. READ MORE

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