EMPOWER Weekly Emails
Messages from state agency Affirmative Action Committees to all employees
EMAIL #3—third week of November
Subject line: I’m not worried about retirement – it’s a long way off!
Text for body of email:
The earlier you start saving for retirement, the easier it is! Just look at Angela, one of the Empower Campaign’s bloggers, who has just started saving for retirement even though she is only 24 and paying off student loans. She found a short YouTube video, Tale of Two Kitties, which provides a fun way to see the value of retirement planning. Angela’s blog entries explain why she has decided that now is the time to begin saving for retirement.
Although everyone needs to take action to plan for retirement, this is particularly important for women for the following three reasons:
· Longevity: On average, women live longer than men, which translates to more years in retirement.
· Lower earnings: The U.S. Census Bureau concludes that women earn $0.78 for every dollar that men earn. This means that women, on average, have less income that can be set aside for retirement.
· Caregivers: Many women take time away from their careers or work part-time to care for children or aging parents. Women work, on average, 12 years less than men. This reduces lifetime income and affects the amount that can be set aside for retirement, as well as the potential earnings on retirement investments. This also may result in lower pension and Social Security benefits that are based on career earnings.
So regardless of your age or number of years until retirement, it is important to begin planning now!
------
The Department of Employee Trust Funds, the Wisconsin Deferred Compensation Program and your agency’s Affirmative Action Committee are sponsoring a year-long, statewide educational campaign, EMPOWER, to inspire and encourage women to save for their retirement. To learn more, visit etf.wi.gov/empower. You can also follow on Twitter! And don’t forget to check out the Wisconsin Deferred Compensation Program at www.wdc457.org