This Mother’s Day, treat yourself to some retirement planning. Consider how much you’ve already saved, how much more you might need to invest based on your goals, and what you want out of retirement.
Mothers are often envisioning what their children’s futures may look like – but they shouldn’t forget to plan for their own, especially when it involves finances and retirement.
Women and men don’t always approach retirement savings the same way. They may invest differently, with women being more conservative than their male counterparts, or they may not be able to save as much for their futures because of lower earnings, as evidenced by the gender wage gap. Women also tend to have longer life expectancies, which means their savings must be stretched over time, and they are also more likely to act as caregivers for their children and sick loved ones.
In terms of caregiving, women should discuss the logistics of this service with their family members – such as a partner in the case of raising a child, or siblings, aunts or uncles when it involves an elderly parent. Many caregivers said even without pay, they’d do their jobs all over again to help their loved ones, but mapping out a structure for care could benefit the individuals acting as caregivers as well as those receiving the care.
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