I recently went to lunch with my financially fit friend. To say she is great with her money is an understatement. She lives below her means, has bought two houses, keeps debt-free, invests and has a sound retirement, all this before age 40. She is also in charge of the family finances. Her baby isn’t born yet and he already has his own 529.
We discussed a possible session on money, women, moms and retirement. We talked about how we as moms tend to buy things for our kids before we put money away for ourselves. Often you hear about women “saving for college” but rarely do you hear about them saving for retirement. This trend happens even at the lowest level; buying that cute outfit for your child and foregoing the new pair of jeans you desperately need since you’ve lost all your baby weight. (One can dream, right?)
So I came home I started scouring the internet and found some great resources. We’ll likely do a workshop at an upcoming MomCom but I wanted to leave you with some food for thought.
I am particularly am interested in the the SEP IRA since I’ve recently become self employed. Have you heard of the spousal IRA? I hadn’t. It’s an excellent option to make sure that even if you are a stay at home mom, you get a retirement account of your own, which is something many families don’t even consider.
The statistics on how behind we are as women when we reach retirement age are alarming. Here’s one statistic my friend sited. Women tend to go into retirement with retirement account balances that are half of those of men. On average, according to a 2008 report from the Retirement Security Project of the Brookings Institution, women retire with $34,000 in their retirement accounts, while men’s accounts, on average, are worth $70,000. Both pretty low but women at half that of men? How do we let this happen? Think about it.
$34,000 average retirement. How long do you think that will last you?
- IRA Basics (ally.com)
- The Biggest IRA Mistake Is Not Actually Knowing How They Work (businessinsider.com)
- What are Spousal IRA Plans? (moneymanager.com)
- How Much Money Will You Really Need In Retirement? (middleburgreverselady.wordpress.com)
- What Every Woman Needs to Know About Retirement Savings (thedailymuse.com)
- It’s Never Too Late (Well, Almost Never) (fpaforfinancialplanning.org)
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