A lyric from Taylor Swift's new song "I Can Do It With a Broken Heart" has become popular on TikTok. The lyric, "I cry a lot but I am so productive, it's an art," resonates with many working women who feel pressured to "have it all" and are often overworked and stressed, juggling household chores and caregiving responsibilities while also trying to excel in their careers.
For ex-spouses who have been married for over 10 years, Social Security rules allow them to claim benefits based on their former partner's work history. If that ex-spouse dies, the benefit value can potentially double, providing financial security for the survivor.
When a spouse passes away, the surviving partner may face higher taxes when filing as a single filer. To minimize this "survivor's penalty," consider Roth IRA conversions, reviewing account ownership, and designating beneficiaries to defer taxes. It's crucial to plan ahead to mitigate these financial surprises, especially for older women who often bear the brunt of this tax impact after losing their spouse.
The Federal Reserve is expected to lower interest rates by 0.75% to 1% in 2024. This is despite recent high inflation data, and strategists believe the Fed will prevent a recession and achieve a "soft landing" as it adjusts interest rates.
Due to societal factors like the gender pay gap and caregiving responsibilities, women often face financial vulnerability. To address this, it's recommended to establish a "f--- off fund," an emergency cash reserve that provides security and independence. This fund can be built through budgeting, aiming to allocate 15% of income, and seeking financial advice for long-term planning. By saving and planning wisely, women can improve their financial well-being and foster financial stability.
Creating a budget allows you to manage your finances by tracking income and expenses, both fixed and variable. This includes listing all your expenses, comparing them to bank records, and calculating your income. By finding the difference, you can identify overspending and adjust your spending. To enhance your budgeting efforts, seek support from accountability partners or financial professionals. Through collaborative efforts, you can ensure financial stability and achieve your financial goals.
