I’ve partnered with Genworth Financial to bring you these helpful tips to help prepare for retirement. (All thoughts are my own)
At what age do you start thinking about planning for retirement?
When I was working full time, had a 401K and no kids, retirement saving was in full force. Now that I am a stay at home mother, of two children, and living with one income in our family, retirement is something that gets placed on the back burner.
My husband has a retirement plant at work, however – working from home, I don’t have a retirement plan in full force any long and that worries me.
I came across an article that was directed to the Baby Boomers who will be retiring in 2013, in the article listed seven tips to ensure a successful retire in this day.
While I’m not looking to retire today, these are great tips to think about now.
It’s vital that a stay at home mom prepares themselves for retirement. Here are a few ways that you can do that.
- Most stay at home moms have started in the workforce and have a 401k set up with their old employer. Take the money from your 401k and roll it into an IRA, it’s not a good idea to leave the money behind and if you withdrawal the money, there are penalties.
- Increase your spouse’s contributions – Be careful with this option as this will only work if you are your spouse are together through retirement.
- Open a Spousal IRA – With this option, your husband can contribute up to $5,500 per year to either a traditional or Roth IRA in your name. To qualify for this option, you must file jointly.
- Open a solo 401K – This could be an option if you are operating a home based business or have self employment income.
It’s never too late to start saving money for retirement, the earlier that you start saving – the more time your money has to grow.
This can be a hard subject to think about, if you have questions about where to start or if you need a little guidance, Genworth Financial would be a great place to start.
After thinking more about my retirement, better planning for my retirement has been placed on my bucket list for this year.
What steps are you taking to plan for your retirement?