Men and women are not just anatomically different, they are financially different too! Thanks to the gender pay gap which shows women still earning less than their male counterparts, women tend to have less money in savings and retirement than men. Fortunately for women working in the union electrical trade, there is no such thing as a gender pay gap; and our Local 26 Pension Plan and Individual Account Plan provide for a solid retirement. However, the women in our lives who do not carry a union card in their back pocket, carry a lot of financial stress on their shoulders. A Goldman Sachs report found about half of all women they polled believe they are behind in saving for retirement. Add to this the fact that women tend to retire at an earlier age, often due to health issues, family care needs or job loss; and that women have a longer life expectancy, and you have a recipe for financial insecurity in retirement for American women.
The Local 26 Pension Seminar is a great opportunity for soon-to-be retirees and their spouses to learn what to expect in retirement with the Local 26 Pension Fund, the Individual Account Plan and even Social Security. The seminar will be held October 5, 2024 at the Local 26 union hall in Lanham, MD. Look for registration information to come in your next INCharge magazine.
Local 26 also hosts a financial awareness seminar for younger members, which covers general financial matters, such as securing a mortgage and car loan to credit card debt and saving for retirement. Information on the next financial awareness seminar will be made available through Local 26 and the JATC.