👵🏻 You might live to 100. Here’s how to plan for it.

Stat Of The Day

96%

Investing in ETFs? Betcha you’re glad you did. An analysis from Bloomberg shows nearly every exchange-traded fund (96%) had positive returns over the past year, with a majority on track to net double-digit gains.

Wondering WTH is an ETF? We’ve got you. Check out InvestingFixx, HerMoney’s investing club, where we break down everything you need to know about making your $$$ work harder for you. Did we mention your first month is free?

How To (Financially) Plan For A Longer Retirement

Are you planning on living to 100? You might want to. New research shows women have as much as a 15% chance of making it to their 100th birthday.

And while that’s cause for celebration, it also means we need to plan differently for life’s second half. On the latest HerMoney Podcast*, Deb Whitman, Chief Public Policy Officer at AARP and author of "The Second Fifty" makes the case for why we need to reframe how we think about our later decades.

For many people, living longer will mean working longer. Before you get down about putting off your retirement, hear us out. As Whitman explains, your second act can be about more than just earning a paycheck. It can be an opportunity to explore new passions and create some serious positive ripple effects.

"The more workers you have, the faster the economy grows and there's more jobs for everyone," Whitman says. "Older people are the fastest growing natural resource that we have. And if we can take advantage of this wealth of talent and wisdom, we can have a better society, not just as a whole, but for each of us as individuals."

Listen Now

The HerMoney Podcast is made possible by Edelman Financial Engines.

Get your Complimentary Wealth Checkup

In today’s fast moving world, traditional retirement plans are quickly becoming outdated. Will your plan provide the income you need for a secure retirement? Don’t wait until it’s too late to find out. Get your Complimentary Wealth Checkup with Edelman Financial Engines now.

This Week In Your Wallet

Find a Black Friday deal that’s too good to be true? If plastic is involved, it probably is. As Michelle Singletary of The Washington Post reports, that’s usually the case for discounts involving store credit cards. She stresses that shoppers need to be extra careful with promotions involving "No interest for 18 months" or "0 percent interest for 12 months." "Many consumers don’t realize that interest starts accumulating from the date of purchase, not when the interest-free period ends," writes Singletary. "If you pay late or leave an unpaid balance of even just $1 at the end of the promotion period, interest will be retroactively applied to your entire original purchase amount."

The gender gap is coming for your exercise routine. One recent study shows on average, just 33% of women meet the weekly recommendations for aerobic exercise, compared to 43% of men. "Experts say this exercise gender gap has a lot to do with the disproportionate amount of time and labor women devote to caring for the home and for others," reports The New York Times. "It’s also consistent with research suggesting that, on the whole, women tend to prioritize other people’s health above their own." For those struggling to fit fitness into their daily routine, experts suggest framing it as part of your own caregiving. (HerMoney’s Jean Chatzky has been known to put calendar blocks on her schedule for exercise time. Also, she occasionally sleeps in her running clothes so that all she has to do is roll out of bed and go. Whatever works.) "Take care of yourself so you can take care of others," says Melissa Bopp, a professor of kinesiology at Penn State University.

How do you know if you’re ready to retire? From your financial advisor to your doctor, experts say there are 8 people you should consult before you decide to call it quits. One person you might not have on your list is a trusted colleague, who experts say you should ask, "If you were me, would you retire at this stage?" "You may be retiring prematurely, because you feel stuck in your job or you have a boss you don’t like," writes Bruce Horovitz for The Wall Street Journal. "A trusted colleague might offer you a different perspective. Or perhaps know of a position that offers further opportunity for meaningful growth."

Things That Save You Time

It’s T-minus one week ‘til Turkey Day. If you’re prepping the big meal, here are tips straight from the HerMoney Facebook group to help you save time and gobble up some R&R of your own.

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"I make my mashed potatoes early and put them in the Crockpot on low. It keeps them warm and there’s no last-minute rush," says HerMoney reader Laura.

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For Sandra, (less) bird’s the word. "I cook a turkey breast instead of an entire turkey. It saves so much time, there’s less cleanup and it’s healthier!"

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‘Twas the night before Thanksgiving…and Judy was cooking the main course. "I always cook my turkey the evening before Thanksgiving Day. I slice it up, and then put it in a roasting pan. The day of we heat it. No need to keep checking to see if it’s done!"

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"I hit up the dollar store and buy 6-8 of the smaller foil cake pans with lids to use for to-go containers for guests," says Alison. "They are inexpensive, easy to reheat things in and stack well in the fridge. The best part? I don’t have to worry about getting my Tupperware back if I send someone home with turkey and mashed potatoes."

Ask Jean

Today’s question comes from Nikki. She writes: Is there an easy way to know whether I still qualify to put money in my Roth IRA? I recently got married and we file taxes together. It's confusing to figure out the new modified adjusted gross income (MAGI).

Thanks for your question, Nikki. Your first step is knowing the 2024 Roth IRA contribution limits for those who are married filing jointly. They’re listed here, on the IRS website.

Next, find out what your modified adjusted gross income (MAGI) is. But let’s back up for a second and define adjusted gross income (AGI), first. According to the IRS, AGI is your "total income minus deductions, or ‘adjustments’ to income that you are eligible to take." You can find this number on your tax return.

Your modified AGI is your AGI with any tax-exempt interest income and certain deductions (for example, IRA contributions, student loan interest deductions, and tuition deductions, if applicable) factored in. Because you’re filing jointly, you will need to combine your income with your spouse’s to get your new MAGI.

There are tools to make the process easier. For example, Roth IRA eligibility calculators are available from a number of major financial institutions, including Fidelity, Charles Schwab and others.

If you’ve crunched the numbers and your MAGI is above the contribution limits, fear not. There’s a little something called the "backdoor Roth IRA," where you contribute to a traditional IRA and then it’s converted to a Roth IRA. More on that option, here.

Submit your questions to Jean here.

More For You To ♥

💙 This open enrollment season, treat health insurance as part of your financial planning. Are you overpaying for the care you need? If you’re paying for copays or have a deductible for in-network care, then the answer to that question is likely yes. Curative can help. Ask your employer to look into Curative today.**

💸 What’s one of the biggest threats to your retirement savings? Taxes, according to Ed Slott, author of the new book The Retirement Savings Time Bomb Ticks Louder. In this episode of Your Money Map, Slott breaks down what recent tax laws mean for your retirement and how you can defuse threats to protect your financial security. Learn more here.

😲 $7,500. That’s how much Amy is on track to save thanks to FinanceFixx, HerMoney’s no-nonsense, four-week financial coaching program. "This was most definitely the kick in the pants I needed," says Amy, who worked one-on-one with a coach to change things up and make her money work harder for her. It’s not too late to join the current session—or sign up for a future one here. Use code SAVENOW for 15% off.

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*The HerMoney podcast is proudly sponsored by Edelman Financial Engines. Unlock your wealth potential with our sophisticated wealth planning. Continue your journey at EdelmanFinancialEngines.com. Sponsored by Edelman Financial Engines – Modern wealth planning. All advisory services offered through Financial Engines Advisors L.L.C. (FEA), a federally registered investment advisor. Results are not guaranteed. AM3328131.

HerMoney is not a client, agent, representative or affiliate of EFE.Edelman Financial Engines ("EFE") is a sponsor of the "HerMoney with Jean Chatzky Podcast," created by HerMoney Media. Inc. ("HerMoney") and provides cash compensation to HerMoney Media. HerMoney receives a sponsorship fee from Edelman Financial Engines depending on the number of podcast downloads, as measured by the end of the calendar year. The sponsorship fee is paid on a quarterly basis each year. In turn, HerMoney also provides promotional deliverables regarding EFE on the HerMoney podcast, newsletter, and social media channels. Due to this sponsorship arrangement, HerMoney has an incentive to endorse EFE and its services.

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