5 Ways to Help the Moms In Your Life Get Ready for Retirement

Tuesday, May 12, 2015

By Beverly DeVeny, IRA Technical Expert
Follow Me on Twitter: @BevIRAEdSlott

Mother’s Day 2015 is over, but you can help the moms in your life get ready for retirement every day. Women typically earn less than men for the same job and have fewer years in the workforce. That makes it all the more important for women to use every opportunity they have to save for retirement.

Here are five ways you can help.

  1. Remind the working moms in your life to participate in their employer plans. They should not leave the employer match on the table. They should defer enough to the plan to at least get the full employer match.
     
  2. Remind the self-employed moms in your life to contribute something to a retirement plan. If there is no employer plan, then they should at least contribute to an IRA or a Roth IRA.
     
  3. Remind all moms to think about converting to a Roth IRA. Get some of that forever-taxed retirement money moved to a never-taxed Roth IRA – but only if it makes financial sense.
     
  4. Think about your own Mom and give yourself a benefit. Pay the income tax on a Roth IRA conversion for Mom – up to $14,000 for 2015 – and have her name you as the beneficiary of that Roth IRA.
     
  5. If the younger moms in your life cannot afford to make an IRA contribution when they qualify for one, make it for them.

Happy belated Mother’s Day to all your Moms.

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