April 8, 2013
Help Mom Plan for Financial Security
This Mother's Day, help your mom take stock of her personal finances with these expert tips.
It's not uncommon for mothers to put their own financial interests after their families'. For example, they often leave the workforce during prime earning years to raise children or care for relatives. As a result, women's retirement accounts and Social Security benefits are often lower than men's.
This Mother's Day, help mom take measure of her personal finances:
- Make sure she's contributing to her own 401(k) plan or IRA.
- Use Social Security's Retirement Estimator Calculator to determine her benefits under different scenarios. The longer she waits to collect benefits, the larger they'll be.
- Even if your mom didn't pay Social Security taxes, she can collect benefits if her spouse contributed.
Bottom line: Your mom sacrificed a lot – return the favor by ensuring her future financial stability.
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