Category Archives: Salaries

More Equal Pay Days: Native American Women and Latinas

Can you believe that it is already the middle of October? Where did the time go? For some people, it may feel as though the year flew past in a blur. For others, the time may have dragged on. This feeling may be particularly true if you are a Latina or Native American woman coping with financial struggles, trying to make ends meet. October 21st is the last Equal Pay Day of the year—and it belongs to Latinas. Equal Read the rest

Equal Pay Day for African American Women Came this Month

August 3 was Black Women’s Equal Pay Day for this year: African American women had to work all of 2020 and this far into 2021 to catch up with what White men earned in 2020 alone. On average, African American women make 37% less than White men and 20% less than White women, even when they worked in similar jobs and had similar qualifications. According to the Institute for Women’s Policy Research, “if changes in the earnings ratio for Read the rest

Top 10 Retirement Tips for Today

What do you envision for your life when you retire? Do you see yourself traveling to foreign countries each year? Do you see yourself with family and friends on tropical beaches? Do you have a vision? Or do you feel that with the money you’re making now, you’ll never be able to save enough to retire? Perhaps you feel like you’re just trying to make it from one paycheck to the next, so you can’t even think about saving for Read the rest

Women Lost $800 Billion in Income Due to COVID-19

By now, most people have heard that nearly 3 million women have left the workforce since the pandemic began due, in many instances, to caregiving duties. It is estimated that women worldwide were hit harder than men in the job market, with 5% of women losing jobs versus 3.9% of men. Have you thought about the financial impact of this exodus? If you are a woman, you’ve probably felt it first-hand. According to this article, women worldwide lost at … Read the rest

Salary Increases Affected by the Pandemic

We know that the pandemic forced many businesses to reduce budgets, lay-off workers, and in some cases, close altogether. Libraries, too, were affected. Those who are still employed probably did not see any pay increases that generally would have come with annual performance reviews. It may be some time—perhaps a year or more—before the economy recovers. How do you move forward with your finances once the economy does recover? Can you ask for and expect larger increases in salaries? The Read the rest

Minimum Wage Increases for 2021

For many people, 2020 was an economic disaster. However, for those employed, the start of the new year may bring a pay increase. Twenty-five (25) states are raising their minimum wage in 2021. These states include Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Illinois, Maine, Maryland, Massachusetts, Minnesota, Missouri, Montana, Nevada, New Jersey, New Mexico, New York, Ohio, Oregon, South Dakota, Vermont, Virginia and Washington. In most of these states, the minimum wage rose on January 1, 2021. However, Read the rest

What the Payroll Tax Deferral Means for Workers

Following a directive from the memorandum signed by the president, the U.S. Internal Revenue Service (IRS) issued Notice 2020-65 on August 28, allowing employers to suspend withholding and paying to the IRS eligible employees’ Social Security payroll taxes, as part of COVID-19 relief.

The payroll tax suspension period runs from September 1 through December 31, 2020. It applies only to employees whose wages are less than $4,000 for a biweekly pay period, including salaried workers earning less than $104,000 per Read the rest

If You Planned to Retire in the Next 5 Years, Should You Just Do It Now?

If you are close to retirement, should you accelerate your timeline and retire now? It’s a relevant consideration, given that there is no concrete answer as to when and how the U.S. economy will open back up fully. The number of people testing positive for COVID-19 continues to surge in many states across the country. Some libraries that reopened after closing in the early stages of the pandemic have been forced to close again. Most people within five years Read the rest

How to Evaluate an Early Retirement Offer

It’s no secret that the COVID-19 pandemic has wreaked havoc on the world’s economic systems. Almost all businesses —large and small, for-profit and not-for-profit, private and public, associations, libraries, even governmental agencies— are affected. Market volatility has many people worried. During economic downturns such as we are currently experiencing, businesses consider every option available to them to reduce expenses. Some companies offer early retirement packages as a way to reduce their number of paid employees. If your employer asks you Read the rest

New Spending Bill Brings Big Changes to Your 401(K)

According to CFO Daily News, the feds passed a $1.4 trillion spending bill in the last days of 2019, and it will drastically change the way you administer your company’s retirement plan. The bipartisan Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019 aims to aid Americans’ ability to save for retirement. This page gives a concise breakdown of the significant retirement-plan-related changes in the new fed spending bill.

For tracking information, visit the bill’s Read the rest