New Video Alert

Retirement Security for Stay-at-Home Moms (and Dads)

According to an analysis from The Century Foundation, half of all mothers have no retirement savings.

In today’s video, we’re diving into Spousal IRAs—a great way for non-working spouses to save for retirement.

This video is especially for parents who’ve decided to step away from the workforce to care for kids and other family members or pursue other opportunities.

Let’s start with this important point: caregiving is valuable work. However, one challenge is that caregivers often don’t have earned income, which means they may miss out on opportunities to save and invest for retirement.

And here’s another concern: without earned income, you might not accumulate Social Security credits, which can reduce your future benefits.

This is where the Spousal IRA can help. It's not a specific investment account type, but a unique mechanism that allows you to save for your own retirement using your spouse's earned income.

If you are not at this stage in your life yet, I'd encourage you to watch the video and keep it in the back of your mind. You'll want to make sure you bring this up with your partner when the subject of children comes up. Children have a way of changing life plans so it's good to prepare financially for now and in the future.

As grownups (parents, aunts/uncles, grandparents), we have a responsibility to pass down important financial skills and values to the next generation. You don't have to be an expert. One of the best ways to teach money to kids is to read books and discuss money concepts from the books. Check out our Little Money Geniuses Series to help you teach money to the next generation.