Retirement Planning for the Stay-At-Home Mom
When you first plan on staying home with your children, probably the first thing you do is take a look and see if you can afford it. You cut back on cable TV, buy older cars, lose retirement benefits?Whoops! Most moms don't seem to be thinking about what being a stay-at-home mom does for her retirement package. The years spent not working have a huge impact, however, when you decide to retire, so you need to plan now.Let's start by looking at what you're losing for your retirement. No 401(k) with your employer contributing towards it. No pension, although those are getting scarce in most jobs anyhow.
Less money available to put towards retirement. You aren't putting money into Social Security, so your benefits will be lower.Ouch. Being a stay-at-home mom means you lose a lot for your retirement. Socially, the stay-at-home mom, as you may already know, is not as valued by most or by our government as the working mother. Fortunately, there are steps you can take to prepare for your own retirement.
It means more sacrifices, as you'll have to put more money aside, but better to provide your own retirement than be a burden.You will want to consider having your spouse contribute towards a Spousal IRA. You may want to talk to a professional to determine the best type of IRA. According to the IRS website, up to $3000 may be contributed to a spousal IRA in a given year, assuming you are married and filing a joint return. See http://www.irs.gov/pub/irs-pdf/p590.pdf for more information on IRAs.Of course, it's hard for most families to come up with $3000 a year to be put towards retirement. Saving while working is relatively easy; it can come out of the paycheck before you ever see it, so it doesn't hurt much.
You need to figure out a monthly dollar amount you can contribute, so that it goes throughout the year. Don't hurt your family doing this, of course, but if you can find a way to get a little money put aside so you can have a decent retirement, do so.Those who want only to be stay-at-home moms may resist the notion of finding a job, whether it be part time or working at home, but it is another option to keep money going towards your retirement. It assures you that some money is going toward Social Security, and gives you a little extra money to put towards your retirement. Once the kids are in school, a highly flexible job can keep your skills sharp, too.For others, a home business is an option. You don't have to go the direct sales route, although it is certainly a popular way to start a home business with less risk.
You can start a website on something you love, sell crafts you've made? perhaps something you love to do could be a small home business for you.You are the only one who can decide which sacrifices you can make to ensure that you have a financially secure retirement. Take the time now to think about your future..
Stephanie Foster is the owner of Home with the Kids, a resource that knows that there's more to staying home with your family than just business. For more stay at home tips, visit the site at http://www.homewiththekids.com/ and subscribe to the free newsletter."Early Bird" Drawing Nets winner $30,000; Part of $1 Million Oak Park Home Raffle Sponsored by Conejo Jewish Day School
AGOURA HILLS, CA (ContentDesk) December 20, 2005 -- Reed Torkay of Moorpark, Calif. won $30,000 yesterday in a "early bird" drawing that is part of a $1 million Oak Park, Calif. home raffle sponsored by the Conejo Jewish Day School. The winner was drawn from thousands of entries from throughout the country.Five other ticket holders won $1,000 each and another 34 won $300 a piece. All 40 early bird winners are listed on the www.winahomenow.com website.
Winners of the early bird drawing are also eligible to win the grand prize, a $1 million Oak Park home (or $1 million in cash), when the winner is announced February 14, 2006. The early bird drawing was under the supervision of David Chaskes, partner with the Encino CPA firm of Chaskes Kazdoy LLP.Proceeds from the raffle will benefit the non-profit Conejo Jewish Day School in Agoura Hills, which currently offers a kindergarten through sixth grade...
"Early Bird" Drawing Nets winner $30,000; Part of $1 Million Oak Park Home Raffle Sponsored by Conejo Jewish Day School
Home loans > "Early Bird" Drawing Nets winner $30,000; Part of $1 Million Oak Park Home Raffle Sponsored by Conejo Jewish Day School
Debt consolidation loans and the hidden cost of making minimum credit card payments.
I have been asked many times if it is cheaper to have a debt consolidation loan or many credit cards, some with zero interest.
The first thing you need to decide is how quickly you want to pay the debt off.
The best piece of advice is that you pay it off as quickly as possible.
Lets have a look at the effects of making the minimum monthly payment on a credit card.
I am from the UK so am using Pounds but the effect is the same in Dollars, Euros etc.
As more and more credit card companies are being "friendly" and allowing even lower minimum payments you may think this is a good thing.
And you may be right if you are really broke, but beware, it is costing you a fortune in the long run, which of course is why they do it.
Yes, I know it is a surprise, you thought they were being friendly!
Unlike a debt consolidation loan that has fixed monthly payments (Assuming rates don't change), you can vary the monthly payment...
Home loans > Debt consolidation loans and the hidden cost of making minimum credit card payments.
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