Melanie Jewkes, Extension Associate Professor
Are you saving for retirement? Do you want to be saving for retirement? Are you looking for strategies to invest more money? Put it off no longer -- the best time to start saving for retirement is NOW.
But I get it! LIFE gets in the way sometimes. It doesn’t help that picking a way to invest in retirement can be is complicated. But time is of the essence, and you are literally losing money, and money on that money (compound interest), the longer you put off figuring out how to save for retirement.
It is never too late to start saving for retirement. NOW is always better than tomorrow. Here are some strategies to get you on your way to investing in you beginning today.
Jerevie Canlas, Ph.D., CFLE
Historically, women are poised differently for retirement compared to men. Most significantly, women work fewer years and earn less. Women only earn .82 cents for every dollar a man makes, and the discrepancy is larger among women of color. Women spend an average of 9 years taking care of family members instead of being active in the workforce.
Women leaving the workforce to take care of family members is very common, and more especially so in the COVID-19 era. A 2020 survey on the impacts of the pandemic showed that 45% of women have taken on a larger share of caregiving responsibilities since the pandemic and 39% are considering leaving their jobs so they can take on caregiving responsibilities. In the past year, about 3 million women have left the workforce and many are considering quitting their jobs or reducing hours. The phenomenon has been called different names - she-cession, pink recession, etc. 400,000 more women than men have left the workforce since the onset of this pandemic.
Jerevie Canlas, Ph.D, CFLE
Empowering Financial Wellness Program Coordinator
As a certified family life educator, I’ve been asked one too many times about how to best parent children. And here’s my answer – there is no one answer to that question. Parenting is like cooking a dish using a recipe. The recipe guides you through the steps of cooking a specific dish. If a recipe tells you to braise the meat, you don’t stir it – you leave it alone in the pot. Sure, you can choose to keep peeking and stir. That’s ok – but you might not get the dish the recipe described. The same is true with parenting styles. You can parent however you see fit, and each parenting style will have a variety of behavioral outcomes.
Andrea Schmutz, USU Extension Assistant Professor
Parenting, personal finance, and children. Do you tremble when you hear all three of those topics in the same conversation? It’s okay if your answer is “yes”, in fact you might be part of a large club who feels the same way. Think about it for a second and it makes sense: a) Parenting often receives the description of “hardest job in the world”; b) Personal finance regularly holds a top spot on “the most challenging topic to discuss with others” list; and c) Children make up a complicated audience requiring engaging, creative tactics to keep their attention. What happens when you combine all three? You end up with the hardest job in the world trying to teach the most challenging topic to a complicated audience.
Alicia Nelson Bell, Finance Intern
2021 USU Graduate
A 2020 report from Thriving Wallet states that around 90% of Americans reported experiencing money related stress in 2019 and 2020, which makes it the top contributor to stress in America. It may seem like a no brainer, but this money related stress that so many Americans are experiencing is having an impact on pretty much every aspect of our lives. This includes mental, emotional, and physical health as well as our relationships with our friends and family. It boils down to this: the more stressed we are about finances, the less likely we are to make smart money choices.
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1st Place National Award in Social Media Education from the National Extension Association of Family and Consumer Sciences
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