Press Release: Four Steps to Creating a Plan for Retirement Income


Contact: Hope Katz Gibbs
Inkandescent Public Relations,
703.346.6975 /

Washington, DC, December 4, 2014 — American women face a complex challenge when it comes to securing retirement income that will last a lifetime, says Carmen Wu, a financial adviser at Egan, Berger & Weiner, LLC.

“For a 65-year-old couple, there is a 47 percent chance that one of them will live to age 90, and that is up 2 percent from last year,” she explains.

But longevity is only a portion of the story when it comes to achieving retirement security.

Wu points to statistics that show:

  • Women make up 57 percent of all Social Security beneficiaries age 62 and older, and 68 percent of all beneficiaries age 85 and older.
  • In 2012, only 45 percent of women age 65 or older were married — compared to 75 percent of men.
  • 67 percent of women spend a portion of their adult lives as unpaid caregivers.

“As a result, a large percentage of women rely on Social Security as a main source of retirement income,” Wu knows. “Making an informed decision about when to claim Social Security benefits must be carefully considered.”

How can more women be better prepared?

Wu shares a four-step guide.

Step 1. Explore your Social Security benefits options, and do not make the decision in isolation of your other resources.

Step 2. Weigh all your options, considering your retirement savings and other sources of income. Then make some reasonable assumptions about your longevity, health, and family history.

Step 3. Develop a strategy that will maximize your retirement income by maximizing your Social Security benefits. Or, you may consider taking Social Security as early as age 62.

Step 4. Explore the various possibilities of how you may want to take your Social Security benefits so that you can make an educated decision.

Questions? Thoughts? Ideas?

About Carmen Wu

Carmen Wu partnered with Egan, Berger & Weiner, LLC in August 2007. She has nearly three decades of experience in the financial industry, and has served as financial adviser, branch manager, regional manager, chief operations officer, and vice president of a regional banking institution.

A graduate of the University of Southern California, with a Bachelor of Arts degree in Political Science/International Relations, Wu is an active member of the Rotary Club of McLean, a community service organization, where she has served on the board of directors for five years. She is also an active member of the Financial Planning Association and the Financial Services Institute and is currently enrolled in the College for Financial Planning.

Raised in California, Wu moved to the East Coast in 1987 and now resides in Alexandria, Va. The oldest of nine children, she enjoys spending time with her 19 nephews and nieces. In her spare time she pursues one of her lifelong passions, art, by drawing and painting portraits, landscapes, and still lifes.