I am a 28 year old stay at home mother, who is not married. I am concerned about what this is doing to my retirement savings. I want to know what my options are to be prepared for retirement.
I forgot to mention I do not receive any assistance (e.g. welfare). I do live with my boyfriend, who is my daughter’s father.
Since you have no earned income you can’t get a plan like a IRA so you will need to invest in taxable accounts. Since you don’t have earned income you are probably not even paying taxes unless you are living on investments. If you are on welfare you might not be allowed to have assets so would need to wait until you got off welfare to start saving.
What is the best retirement plan for an unmarried stay at home mother?
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Talk to a Financial Counselor who may give you good advice on the plan. It’s hard to save, but it’s worth it if you put away some dollars and work with the Financial Specialist.
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Own experience.
To contribute to an IRA or Roth IRA you need earned income or a spouse with earned income. If you later get a paying job, you can look into whether they have an employee retirement plan and whether the employer provides matching funds for how much of contributions.
But until you have earned income, you can only contribute to a retirement account if you have a spouse with earned income. IRS Publication 590 explains IRA/Roth IRA.
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Since you have no earned income you can’t get a plan like a IRA so you will need to invest in taxable accounts. Since you don’t have earned income you are probably not even paying taxes unless you are living on investments. If you are on welfare you might not be allowed to have assets so would need to wait until you got off welfare to start saving.
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Get a job and start saving some money. Or educate your child very well so he/she can support you in your old age.
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You’re a stay at home mom who doesn’t work or earn any income? Your best retirement plan is to wed the father of your child and be a party to his retirement. Otherwise your best bet is to get a job that has a 401K and fund that. Good luck.
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There are far too many options to answer this question online. You need to sit down with an advisor so they can learn your entire situation. These meetings usually take about an hour when I conduct them and are necessary, there is no simple solution to retirement planning. If there was, I would not be employed. What I can say is the longer you wait, the more out of pocket you will need to contribute compared to starting sooner…..so start now.
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