Retirement Tips for the Moms

You’ve given yourself to your family for many years. You’ve done the chauffeur thing, you’ve done the chef thing, you’ve done the babysitting thing and so on. If you’re like a lot of moms, you may have stayed home full time while your spouse was the breadwinner. Now the kids are getting older and don’t need you as much. But you have nothing to show for all those efforts in the form of a 401(k) for retirement. How do you build up a nest egg of your own so you can ensure a comfortable retirement?

Check out these tips:

  1. Open up a spousal IRA.Married?You can open a spousal IRA provided you are staying at home and not earning a living. Your spouse can contribute up to $5,500 per year if you are under the age of 49, or $6,500 for those age 50 and over to either a traditional or Roth IRA. In order to do this, be sure to file a joint tax return with your spouse come tax season.
  2. Roll over retirement funds. Did you leave your job to stay at home with your kids? Roll over your 401(k) into an IRA that will earn money for you until you hit retirement age. You may not have earned a paycheck but you should at least let your money work for you. You still need a plan to secure your nest egg. Just don’t be tempted to cash out your 401(k) because you’ll pay a lot in penalties and fees, as well as taxes.
  3. Market your natural skills. Sign up for accounts on sites like and Upwork and start writing or otherwise creating. There are many companies out there that want freelancers for anything from website design and writing to blogging and consulting. Do you like sales? Try direct sales via Pampered Chef, Tupperware or Miche bags.
  4. Tell your spouse to increase his 401(k) contributions. By placing the max allowable limit into this fund, as well as a full company match, you will be able to boost your retirement savings as a couple. This year’s contribution limit is $18,000 per year.
  5. Invest in stocks and bonds.Connect with a stock broker or financial planner to augment your spouse’s retirement fund. Diversifying your portfolio is smart, as they can show you the best vehicles for investing, such as common stocks, preferred stocks, bonds, money market accounts, or real estate investment trusts. In any case, go with a reputable investment advisor with plenty of experience. And just in case, it’s always a good idea to keep the number of a securities fraud law firm on hand.

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