Page 16 THE MALDEN ADVOCATE–Friday, September 1, 2023 MUSINGS | FROM PAGE 7 by Jim Miller Retirement Planning Tips for Single Women Dear Savvy Senior, What retirement planning tips can you recommend to single women? I’m a divorced 58-year-old women with a teenaged son and have very little saved for retirement. Financially Vulnerable Dear Vulnerable, It’s an unfortunate reality, but many single women — whether they’re divorced, widowed or never married — face much greater fi nancial challenges in retirement than men. The reasons behind this are because women tend to earn less money — about 82 cents for every dollar that men make, on average, and they have shorter working careers than men due to raising children and/or caring for aging parents. And less money earned usually translates into less money saved and a lower Social Security benefi t when you retire. In addition, women live an average of fi ve years longer than men, which requires their retirement income to stretch farther for living expenses and healthcare costs. And, according to some studies, women tend to have less confi dence about fi nancial issues than men, which means they don’t always manage their money as well as they should. Because of these issues, it’s very important that women educate themselves on fi nancial matters and learn how to save more eff ectively. Here are some tips and resources that may help. Start Saving Aggressively If your employer off ers a retirement plan, such as a 401K, you should contribute enough to at least capitalize on a company match, if available. And if you can swing it, contribute even more. In 2023, you can save as much as $22,500 in a 401(k), or $30,000 to those 50 and older, due to the catch-up rule. If you don’t have a workplace plan, consider opening a Traditional or Roth IRA. Both are powerful tax-advantaged retirement savings accounts that let you contribute up to $6,500 annually, or $7,500 when you’re over 50. And if you’re self-employed, consider a SEPIRA, SIMPLE-IRA and/or a solo 401(k), all of which can help reduce your taxable income while putting money away for retirement. Also, if you have a high-deductible health insurance policy (at least $1,500 for self-only coverage or $3,000 for family coverage), you should consider opening a health savings account (HSA). This is a triple tax advantage tool that can be used to sock away funds pre-tax, which will lower your taxable income; the money in the account grows tax-free; and if you use the money for eligible medical expenses, the withdrawals are tax-free too. Pay Off Debts If you have debt, you need to get it under control. If you need help with this, consider a nonprofi t credit-counseling agency that provides free or low-cost advice and solutions, and can help you set up a debt management plan. To locate a credible agency in your area, use the National Foundation for Credit Counseling website at NFCC.org (800-388-2227), or the or the Financial Counseling Association of America FCAA.org (800-450-1794). Find Help To help you educate yourself on fi nancial matters like retirement planning, saving and investing, health care, annuities and more, a top resource is the Women’s Institute for a Secure Retirement at WiserWomen.org. And to help you get up to speed on Social Security, visit SSA. gov/people/women. This web page, dedicated to women, provides helpful publications like “What Every Woman Should Know,” along with links to benefi t calculators and your personal Social Security account to help you fi gure out your future earnings at diff erent retirement ages. You should also consider getting a fi nancial assessment with a fee-only fi nancial advisor. Costs for these services will vary from around $150 to $300 per hour, but this can be very benefi cial to help you set-up a retirement plan you can follow. See NAPFA.org or GarrettPlanningNetwork.com to locate an advisor in your area. Send your senior questions to: Savvy Senior, P.O. Box 5443, Norman, OK 73070, or visit SavvySenior.org. Jim Miller is a contributor to the NBC Today show and author of “The Savvy Senior” book. Veneto, the pastor, is the honorary chairman. Fireworks are no longer part of the festival (Feast!), but the event will again include rides and games for the children on all three nights at Pearl St. Park across the street from the church. The popular greased pole event will also be held at the park Sunday night at 6 pm after the procession. The procession starts at 2 pm. It will follow a route through the Edgeworth section and the Ambassadors, and the Grenadiers drum and bugle corps will take part. The “Cavalcade of Stars” will feature Roberta Mauriello, Dr. INSPECTIONAL SERVICES 215 Pleasant Street, Room 330 Malden, Massachusetts 02148 (781) 397-7000 ext. 2044 Philip Conti, Lucy Meuse, Joyce Bonsignore, Don Romano, and Giuseppe Pisaturo. The Horizons, a musical group, will also perform. Committee chairmen for the festival (damn it, Feast!) include Butch Gennetti, Daniel Brandano, Richard Zampitella, Joseph Paschal, Lucy Martin Zampitella, Anthony Spadafora, Muffi e DeDonato, and Ward 2 Councilor Domenic Fermano. It is said in “Malden Musings San Rock Edition”... • Mayor (Gary) Christenson is such a good sport! He loves the Feast and the tradition, and he is a very important part of the weekend. But you could tell, after our Friday night “Stock 82” salute — which ain’t the smoothest drink around — that he (and many others) could have used a more high-end brandy to pay homage to the weekend and the Festa. For your dedication to the Feast, Mr. Mayor, we salute you! Insert great big smiley face. • The “Saint Rocco Weekend 10th Player Award” this year hands down went to City of Malden Animal Control Offi - cer (and much more) Kevin “Boss Dawg of the Boneyard” Alkins. Not sure how this Feast could run so smoothly without him. Thank you for all that you do, Mr. Alkins. • Another San Rock Pilgrim who has been to most of the Feasts is living legend City of Malden Massachusetts MALDEN PLANNING BOARD PUBLIC HEARING The Malden Planning Board will hold a public hearing in the Herbert L. Jackson Council Chamber, Malden City Hall, 215 Pleasant Street, Malden, MA at 7:00 P.M. on Wednesday, September 13, 2023 on the petition of James Motzkin, Trustee of the Saratoga Trust and the Malden Realty Trust seeking consent under Title 12, Chapter 32 of the Code of the City of Malden and Section 16 of Massachusetts General Laws Chapter https://maldenma-energovweb.tylerhost.net/apps/SelfService#/home By: Diane M. Chuha Clerk August 25, September 1, 2023 INSPECTIONAL SERVICES 215 Pleasant Street, Room 330 Malden, Massachusetts 02148 (781) 397-7000 ext. 2044 City of Malden Massachusetts MALDEN PLANNING BOARD PUBLIC HEARING The Malden Planning Board will hold a public hearing in the Herbert L. Jackson Council Chamber, Malden City Hall, 215 Pleasant Street, Malden, MA at 7:00 P.M. on Wednesday, September 13, 2023 on the petition of Massachusetts Electric Company, doing business as National Grid, (Permit Application # CMID 0566762023) seeking a special permit under Title 12, Chapter 28, Section 090 of the Code of the City of Malden, to allow a utilities facility and substation structure, namely, to construct a new control house, containing 2,232 square feet and to install and/or replace various substation-related equipment, at the property known as and numbered, 0 Broadway and also known as 235 Broadway and by City Assessor’s Parcel ID# 153 501 102. Petition and plans are available for public review in Malden City Hall, Inspectional Services Department, Room 330, 215 Pleasant Street, Malden, MA and on the City website under Permit Application # CMID -056676-2023 at https://maldenma-energovweb.tylerhost.net/apps/SelfService#/home By: Diane M. Chuha Clerk August 25, September 1, 2023
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