Real Jobs for Enterprising Moms

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When’s the last time you heard the words “retirement planning” and “stay at home mom” in the same sentence?

If this is the first time you’ve encountered those concepts in the same thought, you’re not alone. It’s common to assume retirement planning is only something for those who work outside of the home to be concerned about.

 

Stay At Home Moms Need a Retirement Plan, Too

As a stay at home mom, you should be planning for your retirement, too. A mother’s work is never done, but your husband’s job will end someday.

If living on one income is tough now, it will only become more difficult when you’re living on a fraction of what your household currently runs on and you’re dealing with an increased cost of living and medical bills.

Social safety nets and extended support networks may fail you. As unthinkable as it may seem, even your marriage could fail. What would you do in that case?

Give yourself peace of mind for your elder years and begin retirement planning.

A mother’s work is never done, but your husband’s job will end someday.

From Bread Baker to Bread Maker

In this free course, I’ll show you how to jumpstart your transition from stay at home mom to work at home mom. You’ll receive valuable insights and resources right in your inbox. Get started now!

If you’ve worked outside of the home…

Do you have a 401(k) account from your pre-stay at home mom days? If so, roll it over into an IRA. This is an option you can pursue in lieu of cashing it out without facing taxes and penalties (boo!).

If you’ve never worked outside of the home…

 

You can open a Spousal IRA if you file a joint tax return with your husband, even if you’ve never worked outside of the home. This is also a great option if you don’t have a retirement account from a former job. Funding for this account comes from your spouses income, but the account is in your name. The contribution limits depend on your age and income. For current rates, speak with your financial advisor.

If you’re an entrepreneur…

Well, hello fellow Mompreneur! (or should that be Mompreneuse?)

Your household may be dual income thanks to your side hustle, but is that reflected in your retirement savings?

The fact that you’re running your own business on top of running your household full time already lets me know you’re brilliant. So, you probably know that you are eligible to establish an individual 401(k) or a SERP IRA to save for your retirement. Your contribution amount depends on how much profit your business makes and the yearly limit depends on the current laws. Again, check with your financial advisor so you can make the choices that are right for your situation.

Funding Your Retirement

When you’re in the thick of raising a young family, the last thing on your mind is what it’ll be like when the nest is finally empty and your spouse is the one spending time home with you. In fact, the only thing you may be worried about is affording college for your kiddos. After all, as their mother, you want to provide them with the best opportunities.

 

If it comes down to choosing between funding college and funding your retirement, you’ve got to do something you are likely not used to doing: put yourself first.

 

Junior has time to work and the option of taking out loans, if needed, to finance his or her college career. Working may not be an option for you during your twilight years. Loans certainly won’t be there for you to fall back on in your time of need.

 

From Bread Baker to Bread Maker

In this free course, I’ll show you how to jumpstart your transition from stay at home mom to work at home mom. You’ll receive valuable insights and resources right in your inbox. Get started now!

When There’s Just Not Enough to Go Around

 

If funding one retirement plan, let alone two, seems like a Herculean task, you may need to find a way to supplement your income. The good news is, the internet makes it possible for stay at home moms like you to make a living from the comfort of your home, no babysitters (nor pants!) required. Who knows, you may even find that you can establish a side income so profitable, you and your spouse can retire early. 

You Owe It To Yourself to Save

Being a stay at home mom is an honorable lifestyle choice. What a blessing to be able to give your children the gift of your presence during their childhood. Bear in mind that if you choose to be at home with your family, you have a responsibility to yourself to make sure your financial future is secure.

Have you started planning for your retirement? How are you making it work with your household income? Spill the beans below!

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