What Every Mom Needs – part 1

9 May

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What does every mom NEED?

Well, this list might surprise you and while it does  apply to all moms I am hoping this list will lend some extra special advice to the stay at home moms and single mothers. Please share this posting with all the women in your life so they can benefit from this free advice. I am going to apologize up front for the length so in order to make this posting more reader friendly I have broken it down into multiple parts.

All moms need a retirement account  – not just working mothers.

The best way to start is to open a ROTH IRA – see  this simple chart for a easy snapshot overview. Pretty much a Roth IRA allows you deposit $5,000 a year, grows federally tax free, and must be 18+ to have one. Stay at home moms can open one too if you manage to earn income even from non-traditional sources like babysitting, cleaning houses, or any EARNED INCOME. Why do stay at home moms/single mothers need retirement accounts? Because planning for retirement even a little bit each month will make life less stressful and easier later in life. Plus stay at home moms will receive less Social Security (if its there when your of retirement age) because you worked less years and paid less into. Also, please remember social security was NEVER meant to be your sole source of retirement income so great for those that can live on it but don’t ever put yourself in the position of needing social security (it should be in addition to not in place of).


 


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