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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
Produced in partnership with Reston for a Lifetime and Positive Aging Community
FINAL_Women Wise Presentation - ProAging_10.30.22.pptx.pdf
Questions Asked
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?
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