Financial Planning

In the 21st Century, more women work, pay Social Security taxes, and earn credit toward monthly retirement income than at any other time in our nation’s history. Yet, on average, women face greater economic challenges than men in retirement. 

Nearly 55 percent of the people receiving Social Security benefits are women. Women generally live longer than men, while often having lower lifetime earnings. And women usually reach retirement with smaller pensions and other assets compared to men. These are three key reasons why Social Security is vitally important to women. 

If you’ve worked and paid taxes into the Social Security system for at least 10 years and have earned a minimum of 40 work credits, you may be eligible for your own benefits. Once you reach age 62, you may be eligible for your own Social Security benefit whether you’re married or not and whether your spouse collects Social Security or not. If you’re eligible and apply for benefits on more than one work record, you generally receive the higher benefit amount.

The sooner you start planning for retirement, the better off you’ll be. We have specific information for women at socialsecurity.gov/people/women. Email or post this link to friends and family you love.

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If you're updating your estate plans — or just starting to create a plan — you may be confused by some of the terms. For example, what's the difference between a will and a trust? If you have a large or complicated estate, do you need to create a trust? Or does a will do the job? Read about these common terms and how they can affect your estate planning. ...

Trusting others also makes the elderly a target for scammers. The “grandparents” scam is one that seems to always be around. The “grandparents” scam is when an older person receives a call, usually in the middle of the night, from someone claiming to be their grandchild. The caller claims they’re in trouble and need money immediately and to not tell mom and dad. They play on your emotions. The caller will usually ask the victim to buy gift cards and scratch off the back of the card to reveal the ID number, and then have them read the number over the phone. This is a scam that has been going on for years. ...

Social Security - what to get, when to get it, can be confusing for many of us. Brandon P. Smith, public affairs specialist for the Social Security Administration Cleveland office. He'll be writing columns and answering your questions about Social Security. ...

It's coming. But are you ready to pay for it? We're talking about winter heating bills which can be a burden to folks on fixed incomes. In Ohio, several agencies and government organizations have partnered together to provide heating assistance for older adults. They include the Office of the Ohio Consumers' Counsel, Ohio Department of Development, agency of aging centers and the Public Utilities Commission of Ohio. They provide information and financial assistance and conservation programs. Money and grants can help pay cooling or heating bills. ...

Raising a grandchild can be tough financially, but grandparents should be aware that there is a tax credit available that could help them. Working grandparents who are supporting their grandchildren may qualify for the earned income tax credit, which could reduce the amount they pay in taxes by thousands of dollars or allow them to receive a refund.  ...

Need some extra cash? Then you need a side hustle. We talked to local Boomers who found ways to make extra money in their spare time. ...

One common situation is estate planning for a blended family or an unmarried couple. Here’s an example: A couple remarried in their 50s. They each had children from their first marriage. The husband died 20 years later. He had wanted to provide for his second wife, so he signed a will that stated that all of his assets were left to his wife with the understanding that, on his wife’s death, those assets would go to his children. Read more to find out what happened. ...