Financial Steps for Caregivers: What You Need to Know ...

Financial Steps for Caregivers: What You Need to Know About Money and Retirement

One-stop Caregiving Resources

Women's Institute for a Secure Retirement (WISER)

WISER’s website has dozens of tools to help you get started with a Saving and Investing plan, including fact sheets on understanding your 401(k) plan, IRAs, mutual funds and how to work with an investment professional. They can all be found in the Saving & Investing section of the website: www.wiserwomen.org.

Eldercare Locator

Another good place to start is the Eldercare Locator, sponsored by the federal Administration on Aging. This service helps individuals find local caregiving services and resources. Call 800-677-1116or see www.eldercare.gov.

Caregiving Across the States

For information on caregiver support programs in each of the 50 states and the District of Columbia, visit the Caregiving Across the States website from Family Caregiver Alliance. You will find recently updated information on the average daily cost for adult day services, average hourly costs for home health care, average hourly costs for personal/home care, number of family caregivers and total caregiving hours per state, as well as the average daily cost in a nursing home, average monthly cost for assisted living, number of home health aides in the workforce, and median hourly wages for nursing assistants, home health aides and personal care aides. Go to www.caregiver.org and click on "50 State Searchable Resource Map."

Taking on the Challenges of Caregiving

To help caregivers find the information they need to take care of themselves and their care recipients, the National Alliance for Caregiving has partnered with the National Family Caregivers Association to create Family Caregiving 101, an online resource loaded with quality information on how to deal with the challenges of caregiving.
Go to www.familycaregiving101.org.

Lotsa Helping Hands

The National Alliance for Caregiving has partnered with Lotsa Helping Hands to expand resources available to family caregivers. Visitors to the Lotsa Helping Hands website can create their own caregiving site to coordinate support needed for the caregiver and care recipients. Lotsa Helping Hands is a free caregiving service that provides a private, online, group calendar where a caregiver may post tasks that she or he needs help with. Family and friends who use the site can sign up online for a task. A generated summary report shows who has volunteered for which tasks and which tasks remain unassigned. The site is able to track each task and send reminder emails to helpers. To sign up for a free Lotsa Helping Hands account or to learn more, go to nac.lotsahelpinghands.com.


Table of Contents

Introduction: What Caregivers Need to Know About Money and Retirement . . . . . . 2
Step 1: Create a Household Budget. . . . . . . . . . . . . . . . . . . . . . . . . 3
Step 2: Leaving a Job or Working Part-Time. . . . . . . . . . . . . . . . . . . . .5
Step 3: Talk to Your Family About the Financial Impact of Being a Caregiver . . . 8
Step 4: Are You Saving Enough for a Secure Retirement? . . . . . . . . . . . . . . 9
Step 5: Extra Help for Older Adults . . . . . . . . . . . . . . . . . . . . . . . 11
Glossary: Financial Terms Defined. . . . . . . . . . . . . . . . . . . . . . . . 14
Resources: Government and Non-Profit Resources . . . . . . . . . . . . . . . . . 15
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Acknowledgements
The funding for this project was provided by a grant from the Administration on Aging, U.S. Department of Health and Human Services, as part of the National Education and Resource Center on Women and Retirement Planning. The contents of this publication are solely the responsibility of its authors. Special thanks for the writing and editing of this publication go to Cheryl Gannon, Laurel Beedon, Martha Patzer and Charlene Seligman.
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Introduction: What Caregivers Need to Know About Money and Retirement

Purpose

Millions of women face difficult decisions every day while juggling jobs and caregiving responsibilities. This guide will help you understand the financial consequences of caregiving and plan for a more secure future.
– About 44 million adults in the U.S. provide care to a relative or friend.*
– Women are still the primary caregivers in our society: 61 percent of caregivers are women.*
– Half of all caregivers spend more than 8 hours each week providing care, and one in five spend more than 40 hours each week providing care.*

The Costs of Caregiving

Caregiving can have serious financial consequences.
– Sixty-two percent of caregivers report making adjustments to work as a result of caregiving. Many caregivers reduce their hours at work or forfeit promotions and benefits.*
– Reduced wages and benefits result in missed opportunities for compounded returns on 401(k) matching contributions and less in savings and investments.
– Caregivers’ household income is about $5,000 a year less than non-caregiving household income.*
– Financial strains may result in an inability to finance home maintenance or improvements that could affect the resale value of a home.

A 1999 study showed that caregivers lost over $659,000 in lifetime earnings and benefits as a result of caregiving responsibilities.**

Follow this booklet’s step by step strategy to take control of your financial future.
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* National Alliance for Caregiving and AARP: Caregiving in the U.S.
** National Center on Women and Aging/MetLife: MetLife Juggling Act Study



Step 1: Create a Household Budget

If you are a caregiver, having a household budget is essential. A budget will keep you on track and protect you from financial crisis.

Caregivers often find themselves paying expenses for the person they care for without adding it all up or considering the long-term consequences. Small expenses add up quickly and could prevent you from saving enough for your own retirement.

If you are considering reducing your hours at work or quitting a job, a budget will help you decide how to adjust your lifestyle and expenses so that you do not have a financial crisis.

The first step toward creating your household budget is to keep track of your spending.
– Buy a small notebook and take it with you everywhere that you go for one month. Write down everything that you spend money on.
– After a few weeks, start putting your expenses into categories, like food, transportation and clothing. Look at how you spend your money. You may be surprised, for example, that you spend so much on food when you are not eating at home. Make a list of bills you have to pay on a regular basis like car insurance, rent or mortgage payments, dental checkups and gifts.

Next, compare your expenses to your monthly income to establish a monthly budget to live by.
– Add up your total income—all of the money you receive in salary, other payments and benefits and any earnings on investments each year. Divide your annual income by 12 to calculate your monthly income.
– Subtract all of your regular monthly bills and the other expenses that you found by keeping track of your spending in your notebook. This will tell you what money you have left over for emergencies, so those situations won’t completely throw off your budget.
– If your income is not covering your expenses, you need to find ways to cut back and reduce your debt. Listing all of your expenses will help you think of ways to economize.
– If you find yourself picking up expenses for the person you care for, be sure to keep track of these expenses and put them in your monthly budget. You may want to consider other options such as asking other family members to help with expenses. If you are able to reduce your personal outlays, consider putting the savings in a retirement account.

Use the worksheet on page 4 to lay out a realistic household budget. If you provide care to an adult, use this form to help them create a monthly budget as well.

_____
Be sure to save for your own retirement.
Make a plan to start investing,
even a small amount, so that your
money can start to grow.
_____


Budget Worksheet

Fixed Expenses Planned Actual

Rent or Mortgage Payment
Child Care
Elder Care
Debt Repayment
Allowance for Self
Allowance for Others
Car Payment
Other
Savings for Retirement
Total Fixed Expenses


Flexible Expenses Planned Actual

Food at Home
Personal Care
Telephone
Clothing
Medicine
Gasoline/Bus
Laundry/Dry Cleaning
Household Supplies/Home Care
Food Away from Home
Other
Total Flexible Expenses
+ Total Fixed Expenses
= Total Expenses



Step 2: Leaving a Job or Working Part-Time

If you are thinking about leaving your job or reducing your hours to part-time, you should check into what will happen to your benefits as a result. Key decisions you make now can have a tremendous impact on your financial future.

Be sure to exhaust your other options before leaving a job or reducing your hours. A good place to start is the Eldercare Locator, sponsored by the federal Administration on Aging. This service helps individuals find local caregiving services and resources. (Call 800- 677-1116 or see www.eldercare.gov ). You might find the resources you need to help you stay at your job while also caring for a family member.

____
Barbara B. knew she was going to leave her
job, but she was determined to stay just
long enough (to the exact hour) to meet
the five-year vesting requirement for the
company’s traditional, defined benefit
pension plan. It was too much money to
walk away from, if she could manage to
stay long enough. And, because she talked
about it, the whole office became aware of
the five-year vesting requirement.
____

It is important to understand and plan for the financial and retirement costs of changes to your employment. Staying home will cost you not only your salary, but possibly important benefits like retirement contributions and health insurance. For some, there may be a loss of tenure and its benefits, such as promotional opportunities, job security or more vacation days. If you are leaving behind a pension plan, you will lose years of service toward vesting or increased benefits and/or account contributions that build up while you work.

Before you quit a job or reduce your hours, carefully consider these issues:
– If you are in a traditional pension plan, you usually become vested in five years. Generally, the longer you stay at your job, the more valuable the benefit will be. Where are you in the vesting and benefit schedule? Try to stay at your job until you are vested. If you are near the point where your benefit will be increased, try to stay long enough to reach that milestone as well. If you are reducing your hours, find out the minimum number of hours you need to work to continue getting retirement benefits, and try to work that much.
– If you are in a defined contribution plan, such as a 401(k) plan, there is a similar vesting requirement, usually three to six years. If you leave before you are fully vested, you will forfeit the money your employer contributes for you.
– Think about where you will get health insurance and how much it will cost. If you are thinking about buying individual coverage, be sure you can get and afford that coverage. Many people over age 50 or with chronic health conditions cannot get affordable coverage on their own in the private market.
– You can elect to continue coverage under your previous employer’s policy for a limited period of time under a federal law referred to as COBRA, but you will have to pay the full premium. You have 60 days to decide if you want to continue this coverage and pay the full premium.
– If you don’t have health insurance, check with your State’s Department of Insurance for a list of companies that are licensed to sell insurance in your area. A catastrophic plan that covers only large expenses is better than no coverage at all. Buy carefully, after reading the terms of coverage in full, and only from reputable companies.
– If you can’t afford to buy health insurance, check with your state to see if there is a plan for people with no insurance and limited assets, if you are eligible for Medicaid, or if your children can be covered by the State Children’s Health Insurance program.
– Don’t forget disability insurance. Most people underestimate their risk of disability. Workers at the age of 30 have a one in three chance of being disabled for three months or longer, and a woman at age 45 is three times more likely to be disabled than to die prematurely. Disability insurance is important protection for women.
Research the terms and products carefully and buy from a reputable company. Both the Actuarial Foundation and the Consumer Federation of America offer information on purchasing disability coverage. See their websites at: www.actuarialfoundation.org and www.consumerfed.org
– In a defined contribution plan, such as a 401(k) plan, when you change jobs, you will have some choices. You may be able to leave your retirement savings in the same account or roll it over into an Individual Retirement Account (IRA). Resist the urge to take the money out and spend it. Invest it so that it continues to grow until you retire. Also you’ll avoid the IRS penalty for taking it out early.
_____
Most people underestimate their risk of
disability. Workers at the age of 30 have a
one in three chance of being disabled for
three months or longer, and a woman at
age 45 is three times more likely to be
disabled than to die prematurely.
_____

Before you make any major job changes:
– Sit down and budget your expenses. See the Budget Worksheet on page 4. Include a contribution to an IRA for yourself as one of the expenses. If possible, pay off credit card and other debts before you quit. You will be on sounder financial footing and the interest you are paying now can be saved for retirement instead.
– Do some worst-case planning and consider what might happen if you become disabled or die. Find out what health, disability and life insurance coverage you have, and what it would cost if you decided to buy additional coverage.
– Plan in advance to continue saving for retirement while you are not working. Look into contributing to an IRA. Beginning in 2008, you will be allowed to contribute up to $5,000 a year to an IRA, and the limit will be adjusted for inflation in future years. You can also contribute an extra $1,000 if you are 50 or older. If you are married, consider putting money into a Spousal IRA. Either way, you are protecting your future.
– If you start your own business you could also start a small business pension plan, like a SEP, a Simplified Employee Pension. A SEP is easy to set up and has higher contribution limits than IRAs. A qualified financial advisor, like your banker, can help you decide whether, and how, to start a SEP. For more information, see: www.wiserwomen.org and click on the Retirement Plans tab on the left side of the home page.
– Don’t spend your 401(k) or IRA money. The loss of the compound interest will be devastating to your future retirement income.

_____
Finding Help:
The federal Administration on Aging (AoA)
provides extensive information and support
to caregivers. Visit AoA's Family Caregiver
Support Program Resource Room at
http://aoa.gov/prof/aoaprog/ caregiver/caregiver.asp
_____



Step 3: Talk to Your Family About the Financial Impact of Being a Caregiver

Family Financial Planning
– Talk to your siblings and other family members about the various costs involved in your providing care to a family member.
– Consider asking your family to pay you as an independent contractor for the care you are providing. If you are paid, you can set up a small-employer type pension plan, such as a Simplified Employee Pension (SEP).
– If you don’t have a workplace retirement plan or a SEP, open an Individual Retirement Account (IRA). See information on different types of retirement plans at www.wiserwomen.org on the Retirement Plans page.
– Think about who will care for you when you need care later in life. Look into buying a Long-Term Care insurance policy for yourself. See WISER’s information on Long-Term Care at www.wiserwomen.org on the Health Carepage.
– Take steps to alleviate the financial burdens on yourself by accessing resources to assist the person you care for. See the information in Step 4 of this book.

_____
Publications for Caregivers

Resources and publications for caregivers can be found on the following websites:

The National Alliance for Caregiving at
http://www.caregiving.org/pubs/brochures.htm

MetLife Mature Market Institute at www.maturemarketinstitute.com

National Association of Area Agencies on Aging at www.n4a.org

National Family Caregivers Association at http://www.nfcacares.org/

TheEldercare Locator, sponsored by the federal Administration on Aging, puts individuals in touch with local caregiving services and resources. Call 800-677-1116 or visit the website at www.eldercare.gov.
_____



Step 4: Are You Saving Enough for a Secure Retirement?

Like many people, you may be wondering how much money you will need to retire and if you are saving enough to meet your goals. If you are struggling to find extra money to put in a retirement account, often the best first step is to pay off all of your credit card and loan debts. Once you pay off the debt, put the extra money you had been spending into a retirement account. Next, take the time to calculate your income needs in retirement and create a financial plan for your retirement. Use the worksheet Get Your Ducks in a Row on page 10.

First, you need to know how much you can expect from Social Security, pension, annuities or other retirement plans. Make a list of all of your sources of retirement income, and estimate what the monthly benefit will be. Include Social Security, pensions from private or government employment, IRA and 401(k) retirement savings.

The Social Security Administration sends every adult an annual statement with their projected Social Security benefits. Contact the plan administrator of any pension plan you have participated in to get an estimate of how much your benefit will be. Look at your total IRA and 401(k) savings and enter all this information on the worksheet Get Your Ducks in a Row.

Next, calculate your net worth. Estimate the total value of your assets, including cash, home equity, automobiles, other personal property, the value of insurance policies and so on. Then, subtract the total of your liabilities, including mortgages, credit card and loan balances, home equity loans and other debts, from your total assets. The result is your net worth. Remember, not all of your assets will be available for retirement income unless you sell them or use your home equity as a source of retirement funds.

Calculate how much you will need in retirement. Many experts recommend planning for at least 85 percent of pre-tax income in order to maintain your current living standard. WISER recommends 100 percent for women to cover their longer life spans, inflation and health care expenses.

Finally, calculate the gap between income from Social Security, retirement plans and assets, and your retirement income goal. The gap represents the amount you will need to save between now and retirement. How much you need to save each year to fill the gap is a complicated calculation. WISER's online calculator (at www.wiserwomen.org ) can help you decide how much you need to save.

If you are working, be sure to participate fully in your workplace retirement plans. If your employer will match your contributions to your 401(k), don’t pass it up. That’s free money.

Learn to live beneath your means. That’s how people build wealth.



Get Your Ducks in a Row

Add Up Your Sources of Retirement Income

This table will help you identify all your sources of retirement income. It also will help you estimate what benefits will be available for as long as you live, for your spouse as a widow or widower, and whether it will keep up with inflation.
[SEE page 10 of the free booklet for information in table form]

Source of income: A. Social Security

Monthly $__________

Can you count on getting the income amount for life? Yes

Will the income keep up with inflation? Yes

Can some or all of the income continue to your surviving spouse? Yes, offset by other Social Security benefits payable to the survivor.


Source of income: B. Employer Pension (if paid as monthly income)

Monthly $__________

Can you count on getting the income amount for life? Yes

Will the income keep up with inflation? Private plans usually do not. Public employee plans often will. What is your plan's track record?

Can some or all of the income continue to your surviving spouse? Yes, if you use a joint and survivor form.


Source of income: C. Employer savings plan account (401k) - if paid as guaranteed monthly income

Monthly $__________

Can you count on getting the income amount for life? Yes

Will the income keep up with inflation? Not usually. Amount is fixed unless you use a variable or indexed annuity.

Can some or all of the income continue to your surviving spouse? Yes, if you use a joint and survivor form.


Source of income: D. Employer pension or savings plan account – If paid in a lump sum that's rolled over to an IRA and invested

Monthly $__________

Can you count on getting the income amount for life? Some risk of running out of money, depending on how well you manage investments and spending.

Will the income keep up with inflation? Depends on performance of your investments and the economy while you're retired.

Can some or all of the income continue to your surviving spouse? Depends on how you manage investments and spending during your lifetime.


Source of income: E. Part-time work

Monthly $__________

Can you count on getting the income amount for life? No. In later years you're unlikely to find a suitable job that you can perform.

Will the income keep up with inflation? Probably, as long as you keep working.

Can some or all of the income continue to your surviving spouse? No.


Total from all sources

Initial income $_______ Add A, B, C, D, and E

Income you can count on for life $_______ Add A, B, and C

Income that can keep up with inflation $_______ Add A and E, maybe B, C, D



Step 5: Extra Help for Older Adults

If you are a caregiver for an older adult who cannot make ends meet, here are some additional tips:

Health Care Expenses

One major expense area for older adults is health care, particularly prescription drug costs.

– Medicare recipients can purchase optional drug coverage under Medicare Part D. These private plans offer varying levels of drug coverage for an additional premium. Investigate whether any of these plans will provide relief. Medicare also provides prescription drug “extra help” to eligible seniors with very low or low incomes. Consult the Centers for Medicare and Medicaid Services website at www.medicare.gov or call 1-800-MEDICARE.
– The National Council on Aging sponsors an interactive website to help older individuals determine what kinds of benefits they might be eligible for, plus where and how to apply. See Benefits for Seniors on the Web page of the National Council on Aging ( www.ncoa.org ) to find sources of help for an older person.
– Private insurers offer “medigap” plans for medical costs not covered by Medicare. Investigate whether a Medigap insurance plan makes sense for your family member. For a list of Medigap policies sold in your state, call the state's insurance commission. Most states also offer counseling for older persons through programs called Senior Health Insurance Counseling Programs or “SHIP” programs. You can find a list of SHIP programs at
http://www.medicare.gov/contacts/static/allStateContacts.asp or by calling 1-800-MEDICARE and asking for a referral.
– Seniors with very low incomes might be eligible for Medicaid coverage along with Medicare. Although benefits vary by state, “dually eligible” individuals often receive drug coverage through Medicaid. Some eligible recipients can also have their Medicare premiums, deductibles and co-payments paid by Medicaid. Every year millions of eligible low-income seniors do not sign up for these benefits provided through state Medicaid agencies. Call your state agency responsible for administering Medicaid and ask about the eligibility rules.
– Your family member might consider investigating whether there is a good quality HMO or managed care plan in their area that accepts Medicare patients. Frequently these plans include benefits that seniors in the traditional Medicare plan pay out of pocket for, such as eyeglasses, dental benefits or drug costs.
– Some pharmaceutical companies offer free drugs to low-income seniors with no means to purchase the drugs. Check the website www.needymeds.com for a complete description of the available programs.


____
Extra Help for Caregivers

These publications and websites are invaluable resources for anyone who must make health care decisions for people on Medicare.

www.Medicare.gov
The official U.S. government website for people with Medicare. For additional assistance, call 1-800-MEDICARE (1-800-633-4227).

Benefits CheckUp – Lower-income individuals on Medicare can use this free service to find out how to lower prescription drug costs.
www.benefitscheckup.org/

7 Tips To Help You To Help Your Parent With Medicare Part D Prescription Drug Coverage (Adobe PDF)
http://www.caregiving.org/data/ECI%20HC%207Tips_r1b.pdf

Medicare Basics: A Guide for Families and Friends of People with Medicare (Adobe PDF)
http://www.medicare.gov/Publications/Pubs/pdf/11034.pdf
_____


Reverse Mortgages

If the family member you are caring for owns a home, they may want to consider a reverse mortgage. A reverse mortgage is a way for homeowners age 62 and over to borrow against the equity in their homes. It is a mortgage that pays the homeowner a loan as a line of credit, a lump sum, or a series of monthly payments. It is important to know that the homeowner does not need to repay a reverse mortgage as long as he/she lives in the home. The loan is repaid when the owner sells the home or dies. The estate can repay the reverse mortgage with proceeds from the sale of the home or from another source of funds.

Seniors with substantial home equity often find that a reverse mortgage allows them to stay in their own homes, tapping the equity for living expenses.

Reverse mortgages are not for everyone. If an individual does not want to stay in his or her home long-term, it may not make sense. Equity withdrawn and spent on current living expenses will not be available to purchase a place in an assisted living facility, for example. If possible, a senior should consult a financial advisor before tapping into home equity.

Not all lenders and brokers are reputable. Seniors considering a reverse mortgage should look for a reputable lender and be sure to understand the terms of the loan. For more information, see WISER’s fact sheet: Reverse Mortgages: Would One Be Right for You? at www.wiserwomen.org on the Retirement Plans page and AARP’s publication Homemade Money: A Consumer’s Guide to Reverse Mortgages at www.aarp.org.


Immediate Annuities

Many older people worry about whether they will outlive their savings and not have enough money at the end of their lives. Family caregivers often worry about this too—and whether they will be able to supplement the income of a family member who exhausts his or her savings. There’s no magic answer, but for many people, looking into purchasing an immediate annuity makes sense.

An annuity can be purchased from an insurance company for a lump sum and can guarantee a regular monthly payment for the rest of the purchaser’s life—no matter how long they live. (The downside is that funds used to buy an annuity are generally not available to pass on to heirs.)

Immediate Annuities may be right for you if:
– You have retirement expenses not covered by monthly pension and Social Security benefits.
An annuity can guarantee a regular monthly payment for the rest of your life, and it transfers the job of managing your assets to the insurance company. You won’t have to worry about how much money you can withdraw each year from your savings.
However, if you have a large income to pay all your expenses, you may not need an annuity.
– You have every expectation of living a long life.
Most of us don’t know and can only make our plans based on reasonable expectations. An immediate annuity can be a good choice for individuals who are in good health.
However, if you know (not think) that you won’t live for many years, you may want to manage the lump sum yourself.

Consult a financial adviser about the risks and benefits of an annuity before buying one. For more information see Making Your Money Last for a Lifetime: Why You Need to Know About Annuities on WISER’s website ( www.wiserwomen.org ) on the Saving and Investing page.


Annuity rates and planning information

These websites are operated by organizations who sell annuities, and have information on rates that insurers have charged for immediate annuities, dollar limits of state guaranty funds, and IRS rules:
– Annuity.com
– ImmediateAnnuity.com



Glossary of Financial Terms

annuity– (1) A series of periodic payments. (2) A contract under which an insurance company promises to make a series of regular payments to a named individual for life.

beneficiary– A person, institution, trustee, or estate named to receive death benefits from insurance or annuity contracts, or anyone receiving Social Security benefits.

defined benefit pension plan– A traditional pension plan, usually insured by the government, that pays a certain benefit usually based on your age at retirement, rate of pay and the number of years you worked. The employer’s pension administrator controls investments and bears the risk of investment.

defined contribution pension plan– A retirement plan in which contributions are made by the employee, the employer, or both. The final payout will depend on how much is invested and the success of the investments. The employee bears the risk. This type of retirement plan is not insured by the government.

disability insurance– Insurance that replaces income for individuals unable to work due to accident or illness.

immediate annuity– An annuity which you can buy at or after retirement. The payments begin right away and are guaranteed to continue for as long as you live.

individual retirement account (IRA)– A retirement savings vehicle for individual workers. Traditional IRAs allow tax-deductible contributions, with earnings tax-deferred until withdrawal, subject to minimum distribution rules; contributions to Roth IRAs are made with after-tax funds, and withdrawals are tax-free.

lump-sum distribution– A single-sum payment from a pension or employee benefit plan to a participant retiring or leaving employment.

reverse mortgage– A contract with a financial institution that allows a homeowner to get retirement income from the equity in the home, with no repayment needed for as long as the individual lives in the home.

rollover IRA– A type of individual retirement account usually funded with money transferred from a former employee’s company-sponsored retirement plan account. Investment earnings continue to grow tax-deferred until benefits are distributed.

Social Security– A federal government program that provides retirement, survivor’s, and
disability income benefits for eligible workers and their families.

survivor's benefit– Income payable to a beneficiary, often the widow or widower, from a defined benefit pension plan, Social Security, annuity or insurance policy when the employee or policyholder dies.

tax deferral – The postponement of taxes on the earnings or growth related to certain investments until the earnings are withdrawn from the investment or account.

vesting– The right of an employee, earned over a specified period of time, to receive some retirement benefit, regardless of whether he or she remains with the employer.



Resources

Government Resources

Eldercare Locator Administration on Aging
800-677-1116
www.eldercare.gov

Centers for Medicare and Medicaid Services
800-Medicare
www.medicare.gov

Medicare Prescription Drug Plan Finder
www.medicare.gov/MPDPF

U.S. Department of Labor Employee Benefits Security Administration
200 Constitution Avenue, NW
Washington, DC 20210
866-444-EBSA
www.dol.gov/ebsa

Securities and Exchange Commission
Office of Investor Education and Assistance
100 F Street, NE
Washington, DC 20549
202-942-8088
www.sec.gov/investor

Social Security Administration
Office of Public Inquiries
Windsor Park Building
6401 Security Blvd.
Baltimore, MD 21235
800-772-1213
www.ssa.gov


Non-profit Resources

AARP
601 E Street, NW
Washington, DC 20049
888-687-2277
www.aarp.org

The Actuarial Foundation
475 North Martingale Road
Suite 600
Schaumburg, IL 60173
847-706-3535
www.actuarialfoundation.org

American Bar Association
Consumer’s Guide to Legal Help
321 North Clark Street
Chicago, IL 60610
800-285-2221
www.findlegalhelp.org

Family Caregiver Alliance
180 Montgomery Street
Suite 1100
San Francisco, CA 94104
415-434-3388
800-445-8106
www.caregiver.org
info@caregiver.org

Health Policy Institute
Georgetown University
Box 571444
3300 Whitehaven Street, NW
Suite 5000
Washington, DC 20057
202-687-0880
hpi.georgetown.edu

National Alliance for Caregiving
4720 Montgomery Lane
5th Floor
Bethesda, MD 20814
www.caregiving.org
info@caregiving.org

National Association for Area Agencies on Aging
1730 Rhode Island Avenue, NW
Suite 1200
Washington, DC 20036
202-872-0888
www.n4a.org

National Council on Aging
1901 L Street, NW, 4th Floor
Washington, DC 20036
202-479-1200
www.ncoa.org

National Foundation for Credit Counseling
801 Roeder Road, Suite 900
Silver Spring, MD 20910
800-388-2227
www.nfcc.org

The Profit Sharing/401(k) Council of America
20 N. Wacker Drive, Suite 3700
Chicago, IL 60606
312-419-1863
www.401k.org

Women’s Institute for a Secure Retirement (WISER)
1146 19th Street, Suite 700
Washington, DC 20036
202-393-5452
www.wiserwomen.org
info@wiserwomen.org


Pension Counseling Projects

The Administration on Aging pension information and counseling projects provide free counseling and assistance to older individuals. See the list on the next page for a site near you.

Pension Rights Center
1350 Connecticut Ave., NW
Suite 206
Washington, DC 20036
202-296-3776
www.pensionrights.org

Pension Help Centers

Arizona
PCOA Pima Council on Aging
520-790-7262
www.pcoa.org
help@pcoa.org

California
CA Pension Rights Project
Senior Legal Hotline
916-551-2140
800-222-1753 (in CA only)
www.seniorlegalhotline.org

Illinois
The Legal Assistance Foundation of Metropolitan Chicago
312-341-1070
www.lafchicago.org

Iowa
IA Pension Rights Project
Iowa Legal Aide
(515) 243-2151
or 800-992-8161
www.iowalegalaid.org

Kentucky
Legal Helpline for Older Kentuckians
800-200-3633

Michigan
MI Pension Rights Project
Elder Law of Michigan
Serving MI, KY, OH and
parts of PA
866-735-7737
www.mprponline.org
pensionrights@elderslaw.org

The Midwest Pension Rights Project
Chicago Area: 312-744-3580
St. Louis Area: 314-725-1516
Hotline: 877-725-1516
www.midwestpension.org

Minnesota
MN Pension Rights Project
Minnesota Senior Federation
651-645-0261 or
800-365-8765
www.mnseniors.org
pensions@mnseniors.org

Missouri & Southern Illinois
OWL Pension Benefits Project
Serving MO, AR, KS, MS
and southern IL
314-725-1516 or
877-725-1516
www.midwestpension.org

New England Pension Assistance Project
Serving CT, ME, MA, NH, RI
and VT
617-287-7307
888-425-6067
www.pensionaction.org
npln@umb.edu

New York
New York Pension Rights Office
Serving NY and NJ
800-355-7714

Ohio/Kentucky
OH/KY Pension Rights Project ProSeniors
Serving OH, KY and parts of PA
513-345-4160 or toll-free at
800-488-6070
www.proseniors.org

Pennsylvania
PA Senior Law Help Line
877-727-7529
www.seniorlawcenter.org/
projects/helpline.shtml
helpline@seniorlawcenter.org

Wisconsin
Upper Midwest Pension Rights Project
651-645-0261 ext 110
877-645-0261 ext 110
info@mnseniors.org
www.cwag.org/legal/
pension-rights

_________

Support for America's Caregivers

Rosalynn Carter Institute for Caregiving
Georgia Southwestern State University
Phone: 229-928-1234
www.rosalynncarter.org
Access RCI's Evidence-Based Caregiver Intervention Resource Center from the homepage.

Family Caregiver Alliance
Phone: 800-445-8106
www.caregiver.org
info@caregiver.org
To access FCA's Handbook for Long-Distance Caregivers, go to "Fact Sheets & Publications" at www.caregiver.org.

National Allliance for Caregiving
www.caregiving.org
info@caregiving.org
To access NAC's Resources for Caregivers, click on "Resources" and then "For Caregivers" from its homepage.




WISER -- Women's Institute for a Secure Retirement

WISER Women’s Institute for a Secure Retirement
1146 19th Street, NW • Suite 700
Washington, DC 20036
202-393-5452 • fax: 202-393-5890
www.wiserwomen.org
info@wiserwomen.org