Living well in retirement: ACL’s resource centers on what’s important, the biggest challenges, and resources to help This week is National Retirement Security Week, a chance for people of all ages to join together and raise awareness about the importance of saving for retirement -- especially for those who at greatest risk of financial insecurity. Four of ACL’s resource centers are working to address some of the issues that can jeopardize retirement security. Each has a different focus, but they all prioritize supporting older adults and people with disabilities from underserved communities and have historically focused on redressing inequities experienced by people of color and other marginalized communities. For National Retirement Security Week, we asked experts at each center to share their thoughts about the most important things people should know as they plan for (and enter) retirement. We also asked about the retirement security challenges they hear about from the people and communities they serve and from their network partners. We also asked them to talk about how concepts of financial security have evolved over time – and how the COVID-19 pandemic, and commitments to diversity, equity and inclusion have influenced their thinking on this. Here’s what they told us: National Resource Center on Women and Retirement Housed at the Women’s Institute for a Secure Retirement (WISER), the National Resource Center on Women and Retirement is a one-stop gateway that integrates financial information, tools, and resources on retirement planning for women of all ages and families to improve their financial health and avoid financial exploitation. For more than twenty years, the Center has worked to reach women most at-risk for poverty in old age and help them achieve a more financially secure future. The most important thing is to understand what your financial situation will be and whether you can cover your bills in retirement. It is important to figure out what income will be coming in before you have to draw down benefits in retirement, and to try to understand what your expenses may be. This is particularly important for women. Most women don’t have margin for error, financially -- they can’t afford to risk any mistakes. Women also tend to live longer – and alone – in retirement. Right now, 67 percent of women over age 85 live alone.  Projecting retirement income and expenses is also one of the biggest challenges we see. In 23 years, no retiree has ever told the National Resource Center on Women and Retirement “I did it all right – started saving at my first job; had great benefits during my work life and Social Security was just what I expected.” A recent GAO study commissioned by the US Senate’s Special Committee on Aging found that a significant majority of older women regretted not having been taught how to manage their finances and prepare for retirement. And too many pre-retirees and retirees don’t have opportunities to learn about the systems and programs that they’ll be relying on- especially Social Security and Medicare. You can consult an expert, like a financial planner, to make sure you have enough to pay for what you need. Or you can use  a calculator, like   WISER’s “Your Future Paycheck” calculator that is easy to use. Keep in mind that housing, transportation, and medical expenses are often prominent expenses for those approaching retirement. Read more from NRCWR: how living longer makes planning even more important, what you need to know about Medicare and Social Security, the pandemic's effect, and the importance of education and advocacy. National Pension Assistance Resource Center The National Pension Assistance Resource Center provides legal training and day-to-day legal and operational advice to the regional Pension Information and Counseling Projects that provide hands-on assistance to individuals who have questions about their pensions. These services are also offered to State and Area Agencies on Aging, legal services for older Americans, and to other legal resources, including private attorneys as appropriate. Here’s what we see as important to know heading into retirement: While Social Security provides a critical foundation of income to virtually all older Americans, it only averages about $18,000 a year for the typical retiree. To make ends meet in retirement, people also need pensions or retirement savings. People should start thinking about retirement well before retirement age and figure out what they need to know to protect themselves and secure a comfortable retirement. If you’re not sure if you have a retirement benefit, here are basic questions to ask: Am I participating in a plan? Have I earned the right to receive retirement benefits and, if so, what are they worth? Over the past three decades, we’ve seen dramatic changes in the private sector retirement system. Increasingly, companies have abandoned or cut back their guaranteed pension plans – which pay lifetime monthly benefits, in favor of insecure 401(k)-type plans which require individuals to save on their own, shoulder the risks, and try to make the money last a lifetime. This shift is leaving millions of people with inadequate income in retirement. We hear every day from people who are concerned they won’t have money to make it through retirement. Some may have found out their benefits were reduced or miscalculated. Others are afraid because they lost a share of their spouse’s benefits as a result of a divorce that they did not anticipate. Others tell us they are unable to find their pension or 401(k) plan because their company moved or changed names – and they don’t know how or where to apply for benefits. Our pension counseling program counselors can provide expert and unbiased help with these kinds of questions and issues. Read more from NPARC: the impact of COVID-19 and longstanding inequities and resources to help. National Center on Law and Elder Rights The National Center on Law and Elder Rights (NCLER) provides the legal services and aging and disability communities with the tools and resources they need to serve older adults with the greatest economic and social needs. It is important to understand the range of public entitlement benefits like Social Security, Supplemental Security Income, Medicare, Medicaid, and Supplemental Nutrition Assistance (SNAP) that can support a secure retirement. Getting help from an expert can help individuals understand the benefits and retirement income for which they may qualify and gain a picture of what their income and benefits can really look like in retirement. Particularly for low-income adults, it is important to uncover all of the benefits they are entitled to, as it can enable independent living and an improved quality of life. There are trustworthy and reliable resources available for consumers through federally-funded resource centers, such as Benefits Enrollment Centers, Pension Counseling and Information Centers, State Health Insurance Assistance Programs, and others. NCLER recently provided a training on Title II Auxiliary Benefits: Social Security Benefits You’ve Never Heard of and Who is Eligible for Them, and the team at NCLER learned a lot! One of the biggest challenges we hear about from elder and disability rights networks is that people often face burdensome administrative documentation requests and other barriers, such as lack of internet access, when trying to apply for, or maintain, retirement benefits. Individuals facing these challenges benefit from collaborative approaches across professions such as legal assistance, aging services, and elder rights programs. NCLER provides training and technical assistance for these professionals who are helping people navigate these issues and develop partnership efforts. This training is just one example of the extensive library of resources for professionals on our website, which includes past webinar recordings, practice tips, and issue briefs. Legal professionals can also reach us at ConsultNCLER@acl.hhs.gov to get more information. Read more from NCLER: the gender wage gap, discrimination, and unpaid labor. National Center on Elder Abuse The National Center on Elder Abuse provides professionals and the public with the latest information regarding research, training, best practices, news, and resources related to elder abuse, neglect, and exploitation. Communication is important! It is not always easy to talk about money matters, but it is good to have these conversations early, while we have the ability to make plans. Begin with a health care directive conversation – everyone needs a health care directive! Exploring what means the most to you and your trusted others when it comes to planning for serious illness and end of life decision-making can often segue into conversations concerning a broad range of decision supports such as powers of attorney,  and other important ways to support you in living your life in accordance with your values  and wishes. Planning for financial security also entails building in protections against fraud and abuse, which is a significant focus for our organization. Financial elder abuse is a universal social justice issue -- we hear from partner agencies all over the globe that they also deal with exploitation of older adults by both trusted others and strangers. NCEA has a number of resources on our website to help individuals and organizations prevent and address financial abuse and exploitation. All of our materials are accessible to people who use assistive technology. Being culturally aware has always been the goal of the NCEA, and we have partnered with many organizations to get it right. Some of our partners include the National Asian Pacific Center on Aging (NAPCA), the National Elder Indigenous Elder Justice Initiative (NIEJI), and the Esperanza United (formerly known as the National Latin@ Network). Editor’s note: The above should not be considered financial advice. Because the issues can be very complex, and everyone’s circumstances are unique, readers are advised to consult experts and/or use available tools when planning for retirement to make sure that their individual needs are met.