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When you’ll be old, besides having your children and grandchildren by your side, your savings are what’ll make you feel secure. Make sure that no matter what you earn, you find ways to save for retirement.
Moms are management experts. From home to kids, nothing can run smoothly in the absence of moms. But, lost in this hustle bustle, mothers should not forget that one day they will also get old and retire from work. Thus, it’s imperative to start thinking about retirement finances while receiving steady pay cheques.
Strategies Your Financial Future
1. The stay at home benefit
Retirement savings plan for stay at home moms is built by contributions from the working better half. This can go up to 50% of what the partner is earning. In cases where moms are left alone as a result of divorce, separation, or death of the spouse, they are still eligible to make claims as a payback for staying at home.
2. Get yourself an IRA
Individual Retirement Account or IRA is the right of every individual. Whether working or stay at home, moms are also entitled to have a financial security post retirement. In case of women who aren’t earning, the annual instalments for the account can be paid by the working spouse provided his salary is sufficient to maintain the balance required.
3. Shape your dreams
With retirement planning, for women it’s essential to know what you intend to do after retirement. Then accordingly, save to meet those needs. Remember, there is nothing that you can take away with you after life is over and your kids to support financially while you are still alive. Thus choose savings plans wisely to meet the needs in future.
4. Now is the right moment
Hoping for a raise or a bonus to start saving for retirement? Then you probably aren’t doing anything but wasting today. It doesn’t matter how much you earn, as long as you keep a specified amount aside whenever you can. And there is no better time than now and today. Like you plan for an emergency, think of ways to save for retirement, for you’ll never realise how quickly it dawns.
5. Strike a balance
It’s natural for all parents to keep the needs of their child above their own. At every phase of a child’s life, we tend to give more than we got as children. But amidst all this, never sacrifice or overlook your retirement savings. Remember, loans are better as they can be paid back, but retirement funds can’t be built on their own.
6. Save from the start
Working or non-working, ladies should know the various ways of saving from whatever is coming in. Though it is a difficult task to meet all the needs and save from one person’s salary, it should always be a part of your monthly budget. A few pennies saved now will add up to a huge amount in the future.
Besides making saving your habit, keep looking for retirement planning tips for moms.Consult a financial planner so that you can shape the future of you and your family in the best, financially viable way.