Posted on May 12, 2023
A "shocking" reality for U.S. moms: Half have no retirement savings
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"About half of mothers across the U.S. have zero dollars in retirement savings, compared with roughly one-third of fathers who are unable to put money away for their later years, according to a recent analysis from The Century Foundation, which examined data from the Financial Health Network."
A "shocking" reality for U.S. moms: Half have no retirement savings
Posted from cbsnews.com
Retirement
Personal Finance
Family
Posted >1 y ago
Responses: 4
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Thankfully that is not an issue for my wife. When I started an IRA we opened one for my wife, which I funded. When she went back to work she had a 401 and she was able to use it when she retired to buy more years of retirement, based on all the years she didn’t work in GA. Do she has a nice retirement account, SS, and she rolled the 401 into her IRA. These are things that can be accomplished with a little forethought. When one starts an IRA it doesn’t have to be funded with large amounts of money. A small amount each month will grow over time.
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I think this is pretty accurate. for several reasons.
1.) Most ladies that marry young opt to stay at home and raise the kids. TThat isnot abad thing at all as long as the Dad takes care of his family then and into retirement. Once the kids go to school a lot of moms opt to not return to the workforce thus not contributing to the retirment.
2.) In cases that I have seen, now this is just my observation before people on here jump on me like a duck on a junebug, is that the husband works and pays the bills and the wife works and pays for the fun stuff and then they live way outside thier means with a new house, cars, boats, 4 wheelers, campers, guns, etc that they don't need...they both have to work to afford the lifestyle and they get what they want now versus putting away for their retirement.
3.) If they took the general populous out of it and just looked at the military I think that number would be in the high 90's percentile, no reference, just my opinion due to the high number of moves and not being able to hold a job unless they are a teacher, nurse, doctor, pharmacist, or some other professional career field.
Lt Col Charlie Brown LTC Trent Klug MSgt John McGowan Cpl Vic Burk Sgt (Join to see) CWO4 Terrence Clark CPL Douglas Chrysler SGT Jim Arnold MSgt James Parker LTC Stephen F. SGT Steve McFarland SGT Mark Anderson SMSgt Lawrence McCarter CMSgt (Join to see) SPC Gary C. COL Randall C. Sgt (Join to see) LTC David Brown
1.) Most ladies that marry young opt to stay at home and raise the kids. TThat isnot abad thing at all as long as the Dad takes care of his family then and into retirement. Once the kids go to school a lot of moms opt to not return to the workforce thus not contributing to the retirment.
2.) In cases that I have seen, now this is just my observation before people on here jump on me like a duck on a junebug, is that the husband works and pays the bills and the wife works and pays for the fun stuff and then they live way outside thier means with a new house, cars, boats, 4 wheelers, campers, guns, etc that they don't need...they both have to work to afford the lifestyle and they get what they want now versus putting away for their retirement.
3.) If they took the general populous out of it and just looked at the military I think that number would be in the high 90's percentile, no reference, just my opinion due to the high number of moves and not being able to hold a job unless they are a teacher, nurse, doctor, pharmacist, or some other professional career field.
Lt Col Charlie Brown LTC Trent Klug MSgt John McGowan Cpl Vic Burk Sgt (Join to see) CWO4 Terrence Clark CPL Douglas Chrysler SGT Jim Arnold MSgt James Parker LTC Stephen F. SGT Steve McFarland SGT Mark Anderson SMSgt Lawrence McCarter CMSgt (Join to see) SPC Gary C. COL Randall C. Sgt (Join to see) LTC David Brown
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