Author of Women Wise: The Essential Guide to Financial and Lifestyle Decisions as We Age

Join the conversation to learn what women need to know about financial issues as they age, given that those over 65 are 80% more likely to be below the poverty line than men. Author Marjorie Fox identifies these disadvantages (i.e. less money in savings due to interrupted careers raising children) and offers practical advice in dealing with these challenges. 

Women Wise: The Essential Guide to Financial and Lifestyle Decisions as We Age by CFP® Marjorie L. Fox and Eleanor Blayney 

• Marjorie L. Fox marjoriefox1968@gmail.com

Produced in partnership with Reston for a Lifetime and Positive Aging Community

FINAL_Women Wise Presentation - ProAging_10.30.22.pptx.pdf

Questions Asked

• Be careful with IRA withdrawals, separate from RMD.  Know your Tax laws!
• Not really a question, but do agree with Majorie's suggestion to remain with Medicare plus or original Medicare.
• Why does Social Security not treat unmarried women and married women equally? Why are unmarried women penalized with less money?
• Do you have any good resources for medical insurance before Medicare eligibility
• Fairfax Co Dpt Aging has many resources.
• "Want SS? Vote Democratic! Want Drmocracy? Vote Dem!"
• How to you speak to the needs of the very large numbers of senior women living alone on a very limited income? For example, for many the only source of income is their social security. In addition, many live in apartments and have no housing wealth. I gather these are not the women you primarily work with. But, do you provide resources to them?
• What happens when/if Social Security gets cut... More on the future of insurance if low income I am stuck in the center zone too much money not enough. Have 4 more years till 65. Also what if you have disability and cant lose it single and stuck cant earn enough penalties.
• What happens when/if Social Security gets cut... More on the future of insurance if low income I am stuck in the center zone too much money not enough. Have 4 more years till 65. Also what if you have disability and cant lose it single and stuck cant earn enough penalties.

Chat Transcript

12:16:22     From  Angela Baker : How to you speak to the needs of the very large numbers of senior women living alone on a very limited income? For example, for many the only source of income is their social security. In addition, many live in apartments and have no housing wealth. I gather these are not the women you primarily work with. But, do you provide resources to them?

12:23:07     From  Steve Gurney - ProAging Community : One helpful resource for Medicare is Positive Aging Community Champion, Medicare Portal Websitehttp://www.MedicarePortal.org/  John Norse john@medicareportal.org

12:23:42     From  Angela Baker : John Norse is terrific. I agree Steve.

12:23:58     From  Steve Gurney - ProAging Community   to   Sharon Canner(Direct Message) : got it!

12:28:46     From  heather sellars   to   Hosts and panelists : What happens when/if Social Security gets cut... More on the future of insurance if low income I am stuck in the center zone too much money not enough. Have 4 more years till 65. Also what if you have disability and cant lose it single and stuck cant earn enough penalties.

12:31:28     From  G M   to   Hosts and panelists : My husband and I still work. He makes more than me. We are both 65. Are you saying I should file for SS at 66.6 yrs?

12:32:15     From  Ken Silverstein : If born prior to 1960, what is the FRA and at what age is earned income no longer impacted?

12:36:22     From  Angela Baker : 66 and 4 months for people born in 1956 to 66 and 6 months for those born in 1957 and, ultimately, 67 for people born in 1960 or later. Once you reach FRA, earned income amount doesn't matter.

12:37:07     From  martin Marty   to   Hosts and panelists : Is the supplemental Medicare insurance subject to irmma

12:37:15     From  Ken Silverstein : what about before 1956?

12:38:49     From  Angela Baker : Age 66 for 1956

12:39:08     From  Wendy Pachter : Please explain again what to do re: 2022 IRMA if 2021 income was less than 2020.

12:39:35     From  Marcella Velasco   to   Hosts and panelists : What percentage of weekly paycheck should I be putting into my 403b?

12:40:54     From  Angela Baker : Actually, correction I think 66 and 2 months for 1955 and 56. Probably best to check with the SSA.

12:41:20     From  Ken Silverstein : got it, thanks.

12:41:40     From  Angela Baker : Most welcome.

12:42:11     From  Scott Parkin   to   Hosts and panelists : Agree that addressing issues of women in poverty is important question.

12:42:55     From  heather sellars   to   Hosts and panelists : medical benefits for aging again I m  relying on help from the Fairfax county system and cancer groups but I will have medical costs so exactly what Marjorie said health medical problems  with cancer everyone I know is dead are there crisis helps insurance help there is none practically for caregivers no money for medical help for elderly or assisted living backups!!!1

12:44:38     From  Scott Parkin   to   Hosts and panelists : Also it’s open enrollment for Medicare and there is free insurance counseling usually available from the state. In Virginia it’s VICAP. Joe Namath isn’t a counselor!

12:44:43     From  Steve Gurney - ProAging Community : Here are our discussions on Solo Aging https://www.retirementlivingsourcebook.com/videos?q=solo+aging

12:44:51     From  Steve Gurney - ProAging Community : From Scott Parkin to All Panelists 12:44 PM

Also it’s open enrollment for Medicare and there is free insurance counseling usually available from the state. In Virginia it’s VICAP. Joe Namath isn’t a counselor!

12:45:12     From  Steve Gurney - ProAging Community : From heather sellars to All Panelists 12:42 PM

medical benefits for aging again I m  relying on help from the Fairfax county system and cancer groups but I will have medical costs so exactly what Marjorie said health medical problems  with cancer everyone I know is dead are there crisis helps insurance help there is none practically for caregivers no money for medical help for elderly or assisted living backups!!!1

12:47:35     From  Steve Gurney - ProAging Community : We have some discussions on driving and giving up the keys - I really love the one discussing rituals https://www.retirementlivingsourcebook.com/videos?q=keys

12:48:04     From  Steve Gurney - ProAging Community : The Conversation Project is an initiative of the Institute for Healthcare Improvement, a not-for-profit organization that is a leader in health and health care improvement worldwide. https://theconversationproject.org/

12:48:47     From  Steve Gurney - ProAging Community : How we want to die – represents the most important and costly conversation America isn’t having. We have gathered dozens of medical and wellness leaders to cast an unflinching eye at end of life, and we have created an uplifting interactive adventure that transforms this seemingly difficult conversation into one of deep engagement, insight and empowerment. We invite you to gather friends and family and fill a table. Click Get Started to plan a test dinner. We call it a test dinner because trying out this process in no way commits you to follow through with an actual dinner https://deathoverdinner.org/

12:49:36     From  Angela Baker : These conversations can be incredibly difficult if you are dealing with someone in total denial and/or with some diminished capacity where judgment has become impaired.

12:50:40     From  heather sellars : what happens if social security is cut?

12:51:18     From  Wendy Pachter : Do it no matter what.  For you and your loved ones.  A family member refused to address it and the death therefore was traumatic in addition to the grief that is normal.

12:53:02     From  Angela Baker : I agree. I've had the conversation with my family and recommend it to my clients. That doesn't mean folks are always receptive or cooperative...

12:53:03     From  Steve Gurney - ProAging Community : marjoriefox1968@gmail.com

12:53:15     From  Steve Gurney - ProAging Community : Medicare: Katy Votava, Ph.D., RN, www.goodcare.com

Social Security: Mary Beth Franklin CFP©️, investmentnews.com/author/mbfranklin

Transitions: Susan Bradley, CFP®️ CeFT®️, www.suddenmoney.com

We Need to Talk: 

https://theconversationproject.org

http://deathoverdinner.org

12:53:21     From  Victoria Robinson : please repost that 'CIRcle'

12:54:15     From  Kathleen Steed   to   Hosts and panelists : How can we save the chat?  There are no three dots.

12:54:33     From  Angela Baker : I think Capital Area Agency on Aging

12:55:00     From  Steve Gurney - ProAging Community : Helping Older Adults and Caregivers Build the Networks They Need for Successful Aging https://www.retirementlivingsourcebook.com/videos/helping-older-adults-and-caregivers-build-the-networks-they-need-for-successful-aging

12:55:16     From  Sue Christopher : Thank you, Marjorie! This was very, very thought provoking.

12:55:26     From  Angela Baker : Network of great people on your team! So agree.

12:55:51     From  Angela Baker : Required Minimum Distribution

12:56:44     From  heather sellars : I am 60 just moved to va and became homeless could not find an affordable place to live tra 5 yr wait I am grateful for a job but this is a serious subject with homeless elderly I was a caregiver for my elderly mother who went to a home I couldn't do it anymore so I became homeless at 60 in a new state!

12:58:18     From  heather sellars : yes my husband died from cancer before this so I am wanting elderly under income and homes addressed and homecare for under income .

12:58:43     From  heather sellars : please:)

12:58:50     From  Angela Baker : Here is another example of where folks with low income are at a disadvantage. Many choose the Advantage plan because of the very low cost of deductibles/copays.

13:00:04     From  Steve Gurney - ProAging Community : marjoriefox1968@gmail.com

13:00:24     From  Wendy Pachter : What kind of financial professional is best for coordinating unexpected inheritance (including beneficiary IRA so RMDs) with concerns re: taxation of Social Security plus IRMAA for Medicare

13:00:29     From  Scott Parkin : Please check out Reston for a Lifetime.org to find resources on low income help and paying for care.

13:01:13     From  Angela Baker : What county does she live in?

13:01:14     From  Steve Gurney - ProAging Community : steve@proaging.com

13:01:25     From  Angela Baker : Check with the County Department of Social Services

13:01:31     From  Angela Baker : Also, The CAAA

13:01:31     From  Kathleen Steed   to   Hosts and panelists : How can we save the chat?

13:02:09     From  Elisabeth Green : Fairfax. read Pottinger v City of Miami. know your rights. rest assured.

13:02:29     From  heather sellars : thank you I am with synergy homecare Sharon knows me:) I have some im fine im speaking for others like me. im good.

13:02:51     From  Angela Baker : Wendy, research a fee only Certified Financial Planner at Find a Planner

13:03:10     From  Sharon Canner : sharon@restonforalifetime.org

13:03:14     From  Adele Logan-Galen : Angela: please put your contact info in.  Thanks!  Adele

13:03:32     From  Sharon Canner : Restonforalifetime.org

13:03:40     From  Angela Baker : Certainly. Angela.baker@exprealty.com and 804-814-7772.

13:04:50     From  steve jefferys : A good first step when talking to parents - Get information on your parents finances and bills. Ask them if they were in the hospital for 6 months, how would their bills be paid?

13:05:43     From  Angela Baker : Yes, and check with VAELA. They have some attorneys that will do pro bono work.

13:06:31     From  Angela Baker : Check with SSDI - for low income and disability

13:06:59     From  Steve Gurney - ProAging Community : Here are our Elder Law Discussions https://www.retirementlivingsourcebook.com/videos?q=elder+law

13:07:14     From  Sharon Canner : 703-324-7948 to reach Fairfax County elder services

13:07:33     From  Pam Casale : VOTE - Know who you are voting for and where they stand

13:07:33     From  Wendy Pachter : Financial planners don’t seem to be sufficient so far for coordinating those.  Maybe one with a CPA?  But not all are good w/ post retirement issues

13:08:28     From  Angela Baker : Find a fee only CFP that specializes in working with seniors and retirees. Also, look for the RICP designation

13:08:44     From  Judy Wagner : And make sure they are a fiduciary.

13:09:08     From  heather sellars : do you know if homecare insurance will be expanded on

13:09:17     From  Angela Baker : All CFP designees are fiduciaries by virtue of the standard they must adhere to

13:09:17     From  Kathleen Winters   to   Hosts and panelists : A great resource for Medicare help if living in Virginia is offered under the Area Agencies on Aging:  VICAP (VA Insurance Counseling and Assistance Program) offers FREE and UNBIASED help.

13:09:45     From  Mary Smith   to   Hosts and panelists : Definitely know who you VOTE for - some are going to try to cut Social Security and Medicare.

13:09:58     From  heather sellars : thank you all of you great help!!

13:10:18     From  Wendy Pachter : Thank you so much!

13:10:37     From  Pam Casale : know a good estate attorney?

13:10:55     From  Angela Baker : Yes. Several. Send me an email.

13:11:07     From  steve jefferys   to   Hosts and panelists : Fee only advisor - me www.archfinancialadvisors.com

13:11:11     From  deb merriner : Thanks for all the good info!  Deb Merriner, Buckley's for Seniors

13:11:13     From  Carolyn Pennington : Thank you!

13:11:17     From  Sherry Martin : This was great info. I learned a LOT. Thank you all!

13:11:21     From  Pam Casale : Angela baker - what is your email?