PART THREE: ACTION STEPS AND RESOURCES
Get Control of Credit Card Debt
Calculate Your Retirement Needs
Order Your Social Security Benefit Statement
Consider Joining an Investment Club
ow is the time to take action to improve your financial situation and create your own Happy Ending. The resources listed in this section offer several good places to start.
ORDER YOUR CREDIT REPORTS
Financial professionals suggest ordering credit reports from all three agencies. There may be a fee for your reports. To run a report, you’ll need to provide your Social Security number, date of birth, current and previous addresses for the past five years and any names (legal, abbreviated, married, maiden, changed names) you used when making credit purchases.
Equifax
(800) 685-1111
www.equifax.com
Experian
(888) 397-3742
www.experian.com
Trans Union Corporation
(800) 916-8800
www.transunion.com
GET CONTROL OF CREDIT CARD DEBT
The National Foundation for Credit Counseling Web site provides online help, budget and debt calculators, and a directory of neighborhood credit counseling centers.
National Foundation for Credit Counseling
Hotline: (800) 388-2227
www.nfcc.org
CALCULATE YOUR RETIREMENT NEEDS
Ballpark Estimate worksheet (also available in Spanish). This exercise takes only five minutes online. The calculator does all the math and combines estimates of future Social Security benefits, income from pensions, and earnings from savings and investments.
American Savings Education Council
www.asec.org/ballpark/index.htm
You may also order the Ballpark Estimate worksheet by calling the Pension and Welfare Benefits Administration at (800) 998-7542.
ORDER YOUR SOCIAL SECURITY BENEFIT STATEMENT
The Social Security Administration sends yearly statements to workers age 25 or older who are not yet getting Social Security benefits. Your statement will arrive about three months before your birthday and you get a statement every year about the same time. You can also request a statement at any time. Call (800) 772-1213 and ask for the “Personal Earnings and Benefit Estimates Statement,” Form SSA-700A. Or visit www.ssa.gov/mystatement/ on the web.
Social Security Administration
(800) 772-1213
www.ssa.gov
LEARN ABOUT SAVINGS BONDS
Check current rates. Buy bonds online or sign up for EasySaver and purchase Series EE or the new inflation-adjusted Series I Bonds using automatic deductions from your checking or savings account at regularly scheduled intervals.
U.S. Savings Bonds
Call Treasury Direct at (800) 722-2678
Or call EasySaver at (877) 811-7283
www.savingsbonds.gov
CONSIDER JOINING AN INVESTMENT CLUB
Investment clubs may enroll in the National Association of Investors Corporation (NAIC) for $40 a year plus $14 for each member. See the NAIC Web site for information and a directory of clubs.
National Association of Investors Corporation (NAIC)
(877) 275-6242
www.better-investing.org
INCREASE YOUR FINANCIAL LITERACY
Listed below are online resources, pamphlets, videos and books to help you increase your financial knowledge.
Online Resources
Resources for Women Planning for Their Financial Security. This online booklet lists 26 Web sites as well as free and low-cost publications that are relevant to women earning $30,000 a year and less.
National Center on Women and Aging at Brandeis University
Order by calling the POWERCenter at (800) 929-1995
Or visit: www.heller.brandeis.edu/national/shelf.html
ivillage.com is a Web site that provides advice and support to women on a wide variety of topics. Click on the “money” section for financial tools and information. Find it on the Internet at www.ivillage.com.
Pamphlets
Wealth Care Kit. A consumer guide offered free from the National Endowment for Financial Education. This booklet may be used for insurance, investment, income tax, retirement and estate planning. It includes helpful checklists and worksheets. Single copies are available by writing to NEFE at the address below or by clicking here.
Your Spending, Your Savings, Your Future: A Beginner’s Guide to Financial Readiness. This 80-page free publication from the National Endowment for Financial Education offers useful information, worksheets, and tips for those who are taking the first steps to take control of their financial futures. Single copies are available by writing to NEFE at the address below.
National Endowment for Financial Education
5299 DTC Boulevard
Suite 1300
Greenwood Village, CO 80111-3334
www.nefe.org
What Every Woman Needs to Know About Money and Retirement: A Simple Guide. An excellent 15-page pamphlet that every woman should have as a reference guide. Send $3.00 for shipping and handling to:
Women’s Institute for a Secure Retirement (WISER)
1920 N Street, N.W.
Suite 300
Washington, DC 20036
Telephone: (202) 393-1990
Fax: (202) 393-5890
www.wiser.heinz.org
Video
Women Count: Smart About Money. This 30-minute video was funded by a National Endowment for Financial Education grant and produced by Third Wave Television, Inc. It is designed to highlight the importance for women to take a strong, hands-on approach to their financial lives. The video may be ordered from Third Wave Television, Inc. for $20 + $5 for shipping and handling.
Third Wave Television, Inc.
P.O. Box 5292
Greenwich, CT 06831
(203) 622-1372
Books
A Woman’s Guide to Investing by Virginia B. Morris and Kenneth M Morris (Revised ed., McGraw-Hill, 1999). Amazon.com notes that this book is based on years of research by the Oppenheimer Funds; this book discusses all aspects of investing, from setting goals to dealing with investment advisors to developing a sound investment strategy.
The Million Dollar Car and $250,000 Pizza: How Every Dollar You Save Builds Your Financial Future by Allyson Lewis (Dearborn Trade, 2000). Lewis will take you through the seven steps to develop your financial plan; help you develop one-month, one-year or lifetime investment strategies; and, help you stay motivated to achieve your financial goals.
Simple Money Solutions: 10 Ways You Can Stop Feeling Overwhelmed by Money and Start Making It Work for You by Nancy Lloyd (Random House, 2000). Real-life examples of financial problems are used to present Lloyd’s advice on various financial topics, such as credit, home buying and mortgages, family finance, and retirement.
Smart Guide to Maximizing Your 401(k) Plan by Barbara Hetzer (John Wiley & Sons, 1999). This book presents the basics of 401(k) investing: how to borrow, tax information, and what to do at retirement.
The Wall Street Journal Guide to Understanding Personal Finance by Kenneth M. Morris and Virginia B. Morris (3rd ed., Simon & Schuster, 2000). This handbook offers clear explanations of the fundamental principles that govern personal financial management. The authors cover the basics of banking, credit, home finance, financial planning, investing, and taxes.
