As a caregiver, who do you need to take care of first?
It's important to take care of children but there's someone else you should take care of first.
Correct! Only when you take care of yourself can you truly fully take care of others.
Our parents are very important people we care for, but there’s another important person that should be cared for first.
As a caregiver, what are some ways you can take care of yourself?
Join the Women's Roundtable
Yes, it's good to have others to lean on when you have so many people depending on you.
Open a retirement account through Deferred Comp
Yes, using your paycheck to pay yourself first and save for your retirement future is an excellent way to take care of yourself.
Both of the above
Best answer! By opening a Deferred Comp account, and by joining the Women's Roundtable, you'll make great strides in taking care of yourself first.
What are the City programs and services for caregivers?
Family Medical Leave Act (FMLA)
Correct, FMLA entitles eligible City employees to take unpaid, job- protected leave for specified family and medical reasons with continuation of City Health Benefits for up to twelve weeks of leave in a 12-month period.
The City of New York Employee Assistance Program (EAP)
Correct, there is an Employee Assistance Program (EAP) offered by the City of New York to its employees and their dependents. It gives them a helping hand by providing education, information, counseling and individualized referrals to assist with a wide range of personal and social problems.
Health Care Flexible Spending Account (HCFSA) and Dependent Care Assistance Program (DeCAP)
Yes, with HCFSA City employees can pay for eligible out-of-pocket medical, dental, vision, and hearing expenses on a pre-tax basis, with deductions taken directly from salary. DeCAP allows City employees to pay for eligible dependent care expenses on a pre-tax basis, with deductions taken directly from paychecks.
If you temporarily leave the work force, what is something no one can ever take away from you?
Incorrect. If only that were true!
Correct! No one can ever take knowledge away from you.
What is your most important asset and how can you protect it?
Your home or apartment
Incorrect. Your home or apartment is very important, and you can protect it by purchasing homeowners or renters insurance, but there is something more important!
Incorrect. A car is important and you need to purchase insurance, by law, however, there is something more important!
CORRECT! Your ability to work and earn a living for yourself and your family is most important. If you have a family or dependents, you need to protect your income should you become disabled or die. Check with your human resources department or union to see what disability or life insurance coverage you have already as a NYC employee. Then, seek professional advice to determine if you need to purchase additional insurance.
Why is budgeting so important?
It helps keeps track of your spending
Right, spending without a big picture of what you can afford is like tightrope walking without a net, but that is only part of the answer.
It lets you prioritize your spending
That's right, you will be spending money in order of importance, but there is more to do.
Build an emergency savings account
Yes, you should build an emergency savings account for unexpected expenses, but there's a better answer.
All of the above
You got it! Keeping track of your spending, prioritizing your spending and building an emergency savings account allow you to be in control of the purse strings. Budgeting is a big deal at the Women's Roundtable!
Test your knowledge! What is the Social Security retirement benefit program?
A program that helps me stay social
Wrong. Social Security may help you financially, but it won't help you be social within your social circles.
A federal financial program that anyone can access at any time
Incorrect. Social Security retirement benefits cannot be accessed until workers reach a specific age.
Social Security retirement benefits are based on contributions by the employee and employer over their working lives
You're right! Social Security is based on contributions by you and your employer over your working lives. Social Security benefits are paid out based on a formula that takes into account earnings, indexed for inflation, and averaged over a 35 year period.
Do you have to start taking Social Security benefit payments at age 62?
Incorrect. You can start taking Social Security benefit payments at age 62 but you are not required to take payments at that age.
Correct! And, delaying your Social Security benefits until a later age may give you a larger Social Security benefit payment.
How can Social Security protect your family's income?
It will help supplement your family's income if you're disabled
True, Social Security may provide disability payments for a mental or physical impairment that keeps you from working. Your spouse, or children, may also be eligible. But this is just one of the benefits Social Security provides – there's a more complete answer.
It will provide income for your survivors if you die
Yes, even after you die, your spouse or children may also be eligible to receive a percentage of your Social Security benefits. But this is just one of the benefits Social Security provides – there's a more complete answer.
It will pay you retirement income for life
Absolutely – this is the most well-known benefit of Social Security. But this is just one of the benefits Social Security provides – there's a more complete answer.
All of the above
Yes! This is the most complete answer. The beauty of Social Security is that it provides all three benefits outlined in the other answers: lifetime income for you, continued income for certain family members if you die, payments to you and your dependent children if your spouse dies, and disability payments for you or your survivors. That's why it's so important to annually review your estimated benefits and earnings record on the Social Security Website.
Test your knowledge! What is the purpose of a Deferred Comp account?
To have an emergency fund
Sorry, this is not a good answer. Savings put into Deferred Comp should have a long-term horizon and not be thought of for immediate needs.
To supplement my pension and social security income in retirement, help to fight inflation and save on taxes
You're right! The main goal of Deferred Comp is to add a third source of retirement income in addition to your pension and Social Security.
Build up savings for my daughter's wedding
This is not a good answer. You should use a regular savings account for things like weddings.
When we talk about longevity, what do we mean?
A woman retiring at age 65 will probably live for another 20 years?
Yes - but this is not the best answer.
Longer life expectancy results in increased financial needs?
That's true - but this is not the best answer.
Both of the above. And there's a chance that you will outlive your savings!
Right answer! But with Deferred Comp as a third source of income, in addition to your pension and Social Security, you can manage that.
How can you help plan for your long-term care needs in the future?
Rely on your family to take care of you, like you've done for them
Incorrect. Your family may be able to be your caregivers when you get older, but there is a better answer.
Stay active and healthy so you won't need long-term care
Wrong! You cannot plan for future health needs, although it is good to eat a healthy diet and stay active for overall well being. Some medical conditions cannot be avoided, so it is best to plan for future long-term care costs.
Consider purchasing long-term care insurance
You are right! You can help prepare for your own long-term care needs through the purchase of long-term care insurance. It helps cover costs not covered by health insurance like in-home care, assisted living or nursing home care.