There are a lot of benefits to having one parent stay at home. When you make the decision to sacrifice that additional income it doesn’t mean you should stop saving for retirement.
In 2015, Transamerica found 75 percent of homemakers believe that their spouse or partner’s income will be “very” or “extremely” important to them in retirement. Even if you and your partner’s subscribe to the “our money” concept, life happens. Divorce, disability and death can all leave you in an uncomfortable position later on in life.
Taking time out of the workforce to care for children is a big decision that can leave many women at risk of not achieving a financially secure retirement. Many stay at home mom’s end up with fewer lifetime earnings, savings and retirement benefits.
There shouldn’t be a cost for staying home to care for your children. Here are a few ways you can contribute toward retirement as a stay at home mom.