Category Archives: Retirement
The Social Security Act was signed into law by President Franklin D. Roosevelt in 1935, when he created Social Security, a federal safety net for elderly, unemployed and disadvantaged Americans1. The original purpose of the bill was to pay financial benefits to retirees. The bill also included financial assistance for widows.
A beneficiary is the person(s) or entity you wish to inherit your account/assets to when you die. You (the account/asset owner) are responsible for selecting the beneficiary designation. You can list a primary beneficiary who is the first in line to receive the account or assets. You can also list multiple primary beneficiaries and stipulate how the asset would be allocated.
According to a June 2020 report from the Transamerica Center for Retirement Studies, only six in 10 women are saving for retirement, which is significantly less than men (78%) 1. Women continue to fall short in their overall retirement savings. What can they do to fix this issue?