More women are working than ever before, but their average benefits are lower than those for men because women typically earn less over their lifetime. In addition, falling marriage rates mean fewer women are in a position to claim spouse’s and survivor benefits.

Here are some important points for women to consider when planning to apply for Social Security benefits:

Claiming Benefits

Benefits can be reduced by up to 30% if you claim as soon as you are eligible, before your full retirement age. If you have other income sources you can use after retirement, such as a 401(k) or IRA, you can delay claiming your Social Security benefits. This delay will result in increased monthly benefits when you do begin receiving them. The increased monthly amount can have a positive impact on your financial security because you will receive a greater amount for the rest of your life.

Your Health

Delaying your claiming age makes sense if you are in good health. If you are in poor health, it may make sense to claim earlier.

Read the full article here.

Published: Brown, J. A., Forster, W. R., & Wicks, A. C. The Fork in the Road for Social Enterprises: Leveraging Moral Imagination for Long-Term Stakeholder Support. Entrepreneurship Theory and Practice, DOI 10422587211041485 (in 2021); in print ET&P, 2023, 47(1), 91-112 (2023).

This manuscript was accepted for a special issue on stakeholder theory and entrepreneurship. It went online September 20, 2021, and in print in 2022/23. Entrepreneurship Theory and Practice (ET&P) is considered a top, AJG-4 rated journal,¹ applied to journals that “publish the most original and best-executed research.”² It has a five-year impact factor of 14.105. The paper has been downloaded over 1000 times as of May 2023. I am lead and corresponding author on the article. In 2022, it won the Best Published Paper Award at the annual International Association of Business & Society (IABS) conference—an international conference and institution dedicated to research and teaching about the relationships between business, government and society.

This article was motivated by reading about the popular philanthropic shoe company, the TOMS company. Founder Blake Mycoskie introduced a “one-for-one” business model, where he promised that for every purchase of shoes, the company would give away a pair of shoes to some needy child or person. The initial response from customers was highly supportive, but less than five years from its formation, the company found itself subject to a firestorm of critique from disillusioned observers who accused the company of being more focused on getting consumer dollars than making a tangible impact through their social mission. The cause of the criticism was associated mainly with TOMS’s failure to create opportunities for needy communities to better themselves. TOMS was accused of making people in developing countries dependent on the goodwill of others, in addition to preventing local markets from thriving.

Hence, my co-authors and I decided to unpack the issues that left TOMS (at least temporarily) on the bad side of its stakeholders. We were left wondering, what are the key factors for social enterprises (SEs) like TOMS that enable a company to sustain the support of their stakeholders beyond their nascent stage? Put another way, how can SEs capture positive social judgments and avoid a loss of moral legitimacy and stakeholder support, as happened in the TOMS case? And finally, what aspects of stakeholder theory are most relevant to social entrepreneurs in their quest to create and sustain long-term value creation?

To answer these questions, we develop a conceptual process model and testable propositions that have both theoretical and practical significance. The model shows that after SEs secure the support of primary stakeholders like financiers, suppliers and customers, they then face a “fork in the road” where they are assessed for social impact. If they continue their focus on primary stakeholders to the exclusion of secondary stakeholders like communities, they risk losing the moral legitimacy of both their primary and secondary stakeholders, which will ultimately cause their failure (i.e. they end up on the “low road”). However, our model shows how social entrepreneurs and their enterprises can leverage their moral imagination---the ability to understand the activities of business from a number of perspectives---to affect the ways their stakeholders envision their legitimacy (i.e. they end up on the “high road”). They can do this: 1) in broadening stakeholder awareness and engagement, 2) in empathizing with secondary stakeholders, and 3) in establishing microsocial norms. Thankfully, TOMS became aware of broader stakeholder concerns and chose to engage with both primary and secondary stakeholders, using moral imagination to regroup and take ‘the high road’. In sum, our manuscript provides a nuanced stakeholder lens that identifies factors critical to the longevity of SE businesses.

I use the TOMs case study and my developed process model in my current graduate classes, in executive education and in my pro bono ethics/stakeholder training for compliance professionals. There is a message for social entrepreneurs in the need to pay attention to secondary stakeholders, and I find that it is received well by leaders across all stages of entrepreneurship.

In sum, this article has been recognized by a highly regarded journal and is beginning to contribute to the advancement and refinement of stakeholder theory and social entrepreneurship.

With a motto of “military veterans and spouses serving military and veteran families,” the MFAA’s qualifications and standards exceed those of most financial services organizations—but more importantly, they know the life. You don’t need to explain what SBP (Survivor Benefit Program) and BAH (Basic Housing Allowance) mean to them. They already know.

Andrea Clark, CFP®, AFC®, one of the founders of MFAA, has a special connection to The College. She is a previous scholarship recipient from the American College Center for Military and Veterans Affairs, having been awarded one by The College to pursue the CFP® Certification Education Program around the time her husband retired from the military. Along with several other Center of Military and Veterans Affairs scholars, Andrea went on to found MFAA: a non-profit professional association of independent financial planning experts specializing in financial advice and planning services for military and veteran families.

MFAA realizes the military community has long been overlooked by financial planners, and there is now a greater need than anyone in the industry can possibly satisfy on their own. They believe that only by working together can we all accomplish our objective of providing military and veteran families with the highest quality financial advice.

All MFAA members must meet these standards:

• XY Planning Network member in good standing
• Sign a fiduciary oath to act in the best interests of our clients at all times
• Operate as a fee-only financial advisor, meaning that we don’t collect any kinds of commissions or other earnings for the recommendations we make to clients
• Offer a fee structure other than assets under management 
• Have no derogatory marks on our records as financial professionals
• Primary focus on providing comprehensive financial planning, not just investment management
• Prior service as a military member or a military spouse
• Committed to continually furthering our education in order to better serve clients
• Own or work at an independent Registered Investment Advisory (RIA), avoiding the issues that may exist among advisors at large broker-dealers or insurance companies
• Have a positive reputation among local professionals in our industry, as membership in MFAA is by invitation only
• Maintain their status as a CFP® professional or a candidate currently pursuing the designation (members may also maintain additional certifications related to financial planning)

Disclaimer: The information provided in this article is intended for general informational purposes only. It should not be considered as financial, legal, investment or other professional advice. Readers should consult with the relevant professionals for specific advice related to their situation.

We are not affiliated, associated, authorized, endorsed by, compensated or in any way officially connected with any other company, agency, or government agency in this article. All product, service and company names are trademarks™ or registered® trademarks of their respective holders. Use of them does not imply any affiliation with or endorsement by them.

Before making any decisions based on the information contained in this article, you are strongly advised to refer to alternative, independent sources of information to substantiate the basis for your decision. It is your sole responsibility to satisfy yourself prior to using the information in any way and to seek appropriate advice before taking or refraining from taking any action in reliance on any information contained in this article.

I would like to say thank you and provide a few words to express my gratitude for the WMCP® scholarship.

I’m going to retire from the Air Force next year, and this is going to make my transition out of the military a lot easier. This scholarship is going to afford me the luxury of not waking up and saying, “I need to go into work today,” but waking up and saying, “I get this opportunity to go do something I enjoy today.” For almost two decades I have enjoyed talking about personal finances with those around me, and now the time has come for me to get a formal education in it and to help others meet their own goals.

Again, I’m excited for this next chapter in my life, and this scholarship has helped create this opportunity for me.

Respectfully,
MSgt Steven Ziegler