08 May Retirement planning for married women is essential—especially for moms.
Retirement planning for married women
Retirement planning for married women is essential—especially for moms. Learn how to create your own financial plan and secure your future.
Why Moms Need Their Own Retirement Plan
It’s easy to put yourself last when you’re raising kids, managing a household, or even supporting a spouse’s career. But when it comes to retirement, relying solely on your partner’s plan could leave you financially vulnerable.
Whether you’re working full-time, part-time, or at home with the kids, it’s never too early to build a safety net for your future. According to a 2022 study by the National Institute on Retirement Security, women are 80% more likely than men to live in poverty during retirement. The risk increases for moms who take time out of the workforce or prioritize family needs over personal financial goals.
The good news? A secure retirement is possible when you create your own plan.
The Retirement Risks Moms Often Overlook
Career Breaks Reduce Long-Term Savings
Time spent outside the workforce can impact Social Security, 401(k) contributions, and pension eligibility. Even a few years can mean thousands less in retirement savings.
Relying on Spousal Benefits Isn’t Enough
Many women assume they’ll be covered under their partner’s plan. But divorce, death, or unexpected illness can change everything.
Caregiving Impacts Earning Potential
Whether you’re caring for children or aging parents, unpaid caregiving can limit income growth and retirement contributions.
Smart Retirement Strategies for Moms
Open a Spousal IRA
If you’re not earning income, a working spouse can contribute up to $7,000 annually (if over 50) to a Spousal IRA in your name. It’s a great way to grow retirement savings even without a paycheck.
Consider an Annuity for Guaranteed Income
A fixed or indexed annuity can help create your own “retirement paycheck” that lasts for life—even if you live well into your 90s.
Talk to The Policy Shop to explore annuity options with living benefits.
Prioritize Retirement Over College Savings
Yes, helping your kids is important—but don’t sacrifice your retirement. There are loans for college, but none for retirement.
Take Advantage of Employer Benefits
If you work part-time or freelance, don’t overlook SEP IRAs, SIMPLE IRAs, or Roth IRAs. Many flexible options exist for nontraditional earners.
5 Retirement Planning Moves for Moms
- ✅ Open a spousal IRA or Roth IRA in your name
- ✅ Explore annuities that provide lifetime income
- ✅ Track your Social Security earnings record
- ✅ Update beneficiaries on all accounts
- ✅ Work with a financial advisor to assess gaps
FAQs
Can stay-at-home moms save for retirement?
Yes! Spousal IRAs and annuities allow stay-at-home moms to build retirement savings in their own name.
What if my husband has a good retirement plan?
That’s great—but you still need your own. Life changes like divorce, illness, or death can impact access to those funds.
Are annuities good for married women?
Annuities offer guaranteed income, which can be essential for women who expect to live longer or need income continuity after a spouse passes.
When should moms start planning?
The earlier, the better—but even starting in your 40s or 50s can help you catch up.
Final Thoughts: Your Retirement, Your Responsibility
Being a mom is a full-time job, but that doesn’t mean your retirement should take a back seat. Creating a personalized financial plan means you’re prepared no matter what life throws your way.
Talk to The Policy Shop about building a plan for your own peace of mind.