Details for August 19 Article

Women Must Look Beyond Social Security to Help Fund Retirement
Security too much. To help boost
your chances for a comfortable
retirement lifestyle, what should
you know about Social Security
and other steps should you take?
Here are some suggestions to
Mark D. Berghuis, aaMs®, CrPC®
FinanCial aDvisor
eDwarD Jones investMents

Women tend to depend more
on Social Security for several
reasons, including longer life
spans, lower average earnings
and more time spent away
from the workforce to care for
family members. Nearly half of
all senior unmarried women
receiving Social Security benefits
rely on them for 90 percent
or more of their total income,
according to the Social Security
But this isn’t by choice,
payments by themselves are
not enough to fund retirement.
If you’re married, your situation
is somewhat different, but you
don’t want to depend on Social

• Understand your Social
Security benefits. You can start
taking Social Security as early
as 62, but your checks will be
bigger if you wait until your full
retirement age, which likely
will be between 66 and 67. You
can also defer taking benefits
up to age 70 and receive even
higher benefits. Social Security
offers spousal and survivor
benefits, so it’s important that
you coordinate your actions with
your spouse. For example, you
are entitled to receive up to half
of your spouse’s full retirement
benefit (offset by your own
benefit, and reduced if you claim
early). Additionally, the survivor
benefit can provide either
your benefit or 100% of your
deceased spouse’s, whichever
is larger. It may make sense to
have the higher-earning spouse
delay taking benefits for as long
as possible to maximize the

survivor benefit. You might be
eligible for spousal and survivor
benefits if you’re divorced, so it’s
important to understand all of
your options.
• Contribute as much as you
can to your retirement plans.
Because women take more time
away from work to care for their
families, they often have lower
balances in their employersponsored retirement accounts.
That’s why you may want to put
in as much as you can to your
401(k) or similar plan – at least
enough to earn your employer’s
matching contribution, if one is
offered. And whenever you get
a raise, increase the amount you
contribute. Even if you have a
401(k), you may still be eligible to
invest in a traditional or Roth IRA.
And with both your 401(k) and
IRA, fight the temptation to invest
too conservatively, especially
if you’re many years from
retirement. To make substantial
progress toward your goals, you
will need a reasonable amount
of growth-oriented investments
in all your retirement accounts,
while still accommodating your
risk tolerance.

• Create an appropriate
withdrawal strategy. When you
retire, you’ll need to calculate
how much you can afford
to withdraw each year from
your 401(k), IRA and any other
retirement accounts. You don’t
want to withdraw too much,
too soon, and risk outliving
your resources. You may want
to consult with a financial
professional who can help you
determine a withdrawal rate
appropriate for your age, income
sources, lifestyle, projected
longevity and other factors.
The suggestions above can
apply to everyone. But as a
woman, you may find them
particularly import as you
strive to achieve the retirement
lifestyle you deserve.
This article was written by
Edward Jones for use by your local
Edward Jones Financial Advisor,
Mark D. Berghuis.
To schedule an appointment
to meet with Mark, call


You may be interested in

Welcome to the discussion.

Keep it Clean. Please avoid obscene, vulgar, lewd, racist or sexually-oriented language.
Don't Threaten. Threats of harming another person will not be tolerated.
Be Truthful. Don't knowingly lie about anyone or anything.
Be Nice. No racism, sexism or any sort of -ism that is degrading to another person.
Be Proactive. Use the 'Report' link on each comment to let us know of abusive posts.
Share with Us. We'd love to hear eyewitness accounts, the history behind an article.