How Stay-at-home Moms Can Prepare for Retirement
Upcoming SlideShare
Loading in...5
×
 

How Stay-at-home Moms Can Prepare for Retirement

on

  • 2,114 views

When they choose to leave the workplace in order to stay at home and raise their young children, women make certain trade-offs. For example, they usually give up the chance to earn more money in ...

When they choose to leave the workplace in order to stay at home and raise their young children, women make certain trade-offs. For example, they usually give up the chance to earn more money in exchange for the opportunity to spend more time with their children during their formative years.
“Sacrificing this income can make it more difficult for stay-at-home moms to save for retirement — but it doesn’t make it impossible,” says David Lerner Associates Senior Vice President Christina Nash. “It’s just as important for stay-at-home moms to plan for their retirement as it is for working moms.”

Statistics

Views

Total Views
2,114
Views on SlideShare
1,099
Embed Views
1,015

Actions

Likes
1
Downloads
0
Comments
0

8 Embeds 1,015

http://news.davidlerner.com 823
http://www.newswire.net 122
http://www.web.com 39
http://web.com 19
http://forum.web.com 8
http://feeds.feedburner.com 2
http://legacy.newswire.net 1
http://www.zoominfo.com 1
More...

Accessibility

Upload Details

Uploaded via as Microsoft PowerPoint

Usage Rights

CC Attribution License

Report content

Flagged as inappropriate Flag as inappropriate
Flag as inappropriate

Select your reason for flagging this presentation as inappropriate.

Cancel
  • Full Name Full Name Comment goes here.
    Are you sure you want to
    Your message goes here
    Processing…
Post Comment
Edit your comment

How Stay-at-home Moms Can Prepare for Retirement How Stay-at-home Moms Can Prepare for Retirement Presentation Transcript

  •  When womenchoose to stay athome and raisetheir children,women makecertain trade-offs.
  •  They often give up thechance to earn moremoney in exchange forthe opportunity tospend more time withtheir children duringtheir formative years.
  •  “Sacrificing this income can make it more difficultfor stay-at-home moms to save for retirement —but it doesn’t make it impossible,”— David Lerner Associates Senior Vice President Christina Nash It’s just as important for stay-at-home moms toplan for their retirement as it is for working moms.
  •  If you participated in a 401(k) plan at your last job,don’t just leave the money behind — or worse,cash it out. If you cash it out, you may be subject to earlywithdrawal penalties, and you’ll probably have topay income taxes at your current ordinary incometax rate.
  •  The process is simple: Inform the custodian ofyour former employer’s plan that you wish torollover your account balance into a rollover IRA. The custodian will either transfer the moneydirectly to your IRA (this is known as a trustee-to-trustee transfer) or issue a check to you in theamount of your account balance. If you receive a check, be sure to request that thecheck be made payable to the custodian of yourIRA for benefit of (or FBO) your name.
  • Your husband cancontribute up to $5,500per year (or $6,500 ifyou’re age 50 or over) toeither a traditional orRoth IRA in your name.Note that you and yourhusband must file a jointtax return to be eligiblefor a spousal IRA.
  •  The maximum annual contribution to a traditionalor Roth IRA in 2013 is $5,500 (or $6,500 if yourhusband is age 50 or over) The maximum annual contribution to a 401(k)plan in 2013 is $17,500 (or $23,000 if yourhusband is age 50 or over).
  •  Keep in mind, however, that this moneytechnically belongs to your husband If you divorce before retirement, you may havesome rights to a portion of his retirement savings,depending on your state. But exercising thoserights may be difficult.
  •  If you operate a home-based business orhave any other type ofself-employmentincome you canestablish a Solo401(k)s They can beestablished as eithertraditional or Roth.
  • Material contained in this article is provided for informationpurposes only and is not intended to be used inconnection with the evaluation of any investments offeredby David Lerner Associates. This material does notconstitute an offer or recommendation to buy or sellsecurities and should not be considering in connectionwith the purchase or sale of securities.Member FINRA & SIPC