How to Boost Your Retirement Funds When Your Funds Are Lower ThanThey Should Be
Having money saved is crucial for adults ages 50 or older who plan to retire in the near future. Some people are prepared for retirement,
work part time or stop going to work to take care of family members in need. By working less, women tend to earn less money, which prevents them from putting away sufficient funds for
having saved a sufficient amount throughout their lives. However, there are people who, despite having tried to save, come up short in their retirement funds. This can send them into a panic. Women account for the largest percentage of people who don’t have enough money in their retirement savings by the time they reach the age of 50. A survey produced by the nonprofit Transamerica Center for Retirement Studies shows that many women who reach retirement age will not have adequate funds to support themselves. Despite having a higher savings rate, the average amount women have saved at the age of 50 is about $35,000, compared to $120,000 for men. What’s the reason behind this?
their retirement. This also affects whether or not they are covered by their employer’s retirement benefits, since most employees are required to be full-time in order to receive any benefits.
If you’re nearing retirement age, don’t fret — you still have options available to you. If you’re working, look into your company's retirement plan, especially if they offer a 401(k). According to the IRS, those who qualify
(i.e., someone who joins the plan and is 50 years or older) can contribute up to $24,500 a year. To learn more about what options are available, it's crucial you speak to a planning specialist. By working with someone who understands retirement, you’ll create a solid plan and ensure that you are on a path to enjoy your retirement.
According to the survey, women often have a large gap in their financial savings at some point in their lives. They are more likely to
FREEZINGYOURCREDIT INFORMATIONMADE EASY Stop Thieves From Opening Accounts Under Your Name
Next, using a computer at home (don’t do this on a public network), visit the three big credit bureau websites (Experian, TransUnion, and Equifax) and submit a request for a freeze. Once that is taken care of, you will receive an ID number — be sure to write this down with your other information and place it in a secure and safe place. In the past, if an individual wanted to freeze their credit report, they had to pay a $2–$10 fee to each credit agency. Thankfully, Congress recently passed a law that voids the fee, so an individual can now freeze access to any account free of charge, making it easier than ever. Be sure to follow these steps for all three of the main credit bureaus: • Equifax: www.freeze.equifax.com, 800-685-1111 • Experian: experian.com/freeze/center.html, 888-397-3442 • TransUnion: transunion.com/securityfreeze, 888-909-8872 The best way to avoid identity theft is to prevent illegal access to your information in the first place. But if you do find yourself the victim of thieves, protect yourself from further damage by locking your information down immediately.
Having your identity stolen can be an incredibly stressful situation. There are many
precautions you can take to prevent sensitive information from falling into the hands of the wrong people, but even
the most diligent individuals can become victims of identity theft. If this happens, one of the best ways to stop thieves in their tracks is to place a freeze on your credit report. A credit freeze allows you to restrict access to your credit report, making it much more difficult for thieves to open any new accounts under your name. The AARP suggests you take a few steps when deciding to freeze your credit information. First, it's important to gather all information that you need, including your Social Security number, date of birth, and past and present addresses, along with a folder to place important information.
2 • CampbellWealth.com
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