Marketplace: Women and Social Security

Alan Edwards Social Security expert

Most of us have been preoccupied lately with the distressing economic news pummeling us day after day. We keep asking ourselves, what’s happening to my 401(k), my IRA, the cost of gas, my stocks, the value of my house? For me, these questions sometimes come in the middle of the night when I wake up in a cold sweat with the feeling that the world as I’ve known it is ending. But there are ways of taking charge of the situation. One of those ways is being offered this week by The Columbian in the form of two workshops for women interested in planning and saving for retirement.

A key element of that planning should include what the Social Security Administration can do for you.

We’ve invited Alan Edwards, an expert with Social Security, to share what women need to know about Social Security at two free workshops at The Columbian on Friday and Saturday. While we’ve labeled the workshops 60 & Single as part of our continuing focus on women who are financially on their own, the workshops are geared to all women (and men for that matter) married or not. There’s plenty to know about Social Security. Edwards will be talking about when and how to apply for Social Security benefits, about spousal benefits and also about Medicare. That’s because even though Social Security does not administer Medicare, you must sign up for Medicare coverage at age 65 through your Social Security office. Maybe you didn’t know that.

There will be time for questions following Edwards presentations. The 90-minute free workshops will begin at 8 a.m. Friday and at 10 a.m. Saturday at The Columbian community room at 415 W. Sixth St. in downtown Vancouver. To register, contact Mary Ricks at 360-735-4550 or send an e-mail to mary.ricks@columbian.com.

According to women’s Web site BettyConfidential.com, the nation’s financial meltdown is having a particularly great impact on women. An e-mail newsletter last week from BettyConfidential reports that women are being drastically affected by the economic downturn both in their spending habits and their psychological well-being. In the survey of more than 100 women, 75 percent of respondents indicated that on a scale of 1 to 10 (1 being “not at all” and 10 being “extreme”), their anxiety about the economy rated a 6 or higher, with 2 percent choosing 8 and 21 percent choosing 9.

“We know there’s fear out there, but we wanted to dig deep and find out exactly how women are affected when it comes to daily functioning, spending habits and childcare arrangements — and, of course, find out their biggest fears and concerns,” says April Daniels Hussar, managing editor of BettyConfidential.com.

According to BettyConfidential, what worries women most is “everything.” Answers to the survey ran the gamut from affording groceries and other staples such as gasoline (25 percent) to a wide variety of fears, such as: “Losing what took so long to acquire,” job loss, “keeping my husband’s and my businesses,” making credit card payments, and a general fear for the country’s future, such as the “destruction of the economy,” “things getting worse in the country and it affecting me,” and “the state of our country and how we are leaving it for our children.”

“The economy is affecting women daily,” says Daniels Hussar in the report. “It’s about making ends meet today and a fear of what the future holds if things don’t turn around very quickly.” BettyConfidential.com found that the media plays a significant role in the anxiety felt by women, with 46 percent of respondents feeling they are “directly” affected by the economy and 54 percent anxious from what they hear in the media. “I think the media’s overblowing it, to an extent, and creating a crisis — much like they’ve done for everything over the past few years,” says one survey respondent. For the full report, go to www.bettyconfidential.com.

According to BettyConfidential.com, the economic crisis is seriously affecting women on an emotional level. Half of respondents report a generalized sense of fear and concern, while another 18 percent report insomnia.

One respondent states: “It has made me hyper aware of the news. I’ve gone to economic Web sites and blogs to try and learn more about what is really going on and how it all started. I hate feeling stupid, and not having a good answer or knowing what to do to protect myself and my children.”

Another stated: “I don’t sleep more than 4 hours a night. I get headaches. I worry that my kids can’t go to college and my doctor now has me on anti-anxiety meds. (Thankfully, they are cheap!)”

What are the practical ramifications of the economic downturn?

Of course, it’s not just about anxiety. The economy is impacting women on a day-to-day basis, with 44 percent reporting the economic downturn is affecting retirement plans. Also affected: career plans, homeownership and wedding plans. And a majority of women (83 percent) reported their spending habits have been affected. It’s hitting women and their families everywhere, from having to take on second jobs or work more hours:

“We had planned to put this year’s Christmas shopping on a new credit card,” states a respondent. “Instead, my husband is taking on a second job.”

What are women planning to do about their economic stress, if anything? At the moment, the majority of women (59 percent) told BettyConfidential that they are cutting back on unnecessary spending. About one-fifth indicated they would either take a second job or go back to work. Others are cutting back on luxuries, postponing buying a house, some even cutting back on food.

Maybe that’s why I was in in the Battle Ground Goodwill store on a recent Friday evening shopping for a leather purse — one with a long strap and a single outside pocket. (Read more at my blog, 60 & Single, at www.columbian.com).

Like me, doing nothing about the financial situation is not an option for most women. I’ve stopped my satellite TV subscription, I’ve cut back on food expenditures, I’m holding off till the end of the year on charitable giving and I find myself coasting down hills to save gasoline.

But like the women mentioned in the BettyConfidential survey, I’ve not given up all luxuries. I do need a bit of self-comfort. Mine is sticking with my wonderful hairstylist. Others in the survey said they were still buying beauty products, getting manicures and pedicures, buying chocolate, new shoes, books and maybe some lingerie. You’ve gotta do what you’ve gotta do.

See you at The Columbian workshops.

Julia Anderson is The Columbian’s business editor. Reach her at 360-735-4509 or julia.anderson@columbian.com.