Mother's Day: Best Financial Tips for Mothers

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Mothers are special people with significant roles.  As we celebrates mothers on Mother's Day, it's important to recognize that there are many types of mothers in the world, and motherhood joins them together with a unique bond.  Many mothers handle financial decisions with a spouse, while others are solely responsible for financial decisions.  There are mothers who work outside the home, mothers who work as a homemaker, and mothers that are retired. We celebrate all mothers on this upcoming Mother's Day with a few tips that can help mothers build a strong financial future as they continue to meet the day to day demands.  As a Financial Advisor in Murfreesboro, TN, we work with many mothers and believe it's a gift to their children to be financially secure!

Below are some helpful financial tips that mothers may want to consider.

Are you prepared for a 20-year retirement? How about a 30-year or even 40-year retirement? Don’t laugh because it could happen. Social Security Administration projects that about 33% of today’s 65-year-olds will live past 90, with approximately 14% living to be older than 95.1 

Start with a few simple questions. How can you draw retirement income from what you’ve saved? How might you create other income streams to complement Social Security? And what are some ways you can protect your retirement savings and other financial assets? 

Enlist a financial professional. The right person can give you good ideas, especially one who understands the challenges women face in saving for retirement. It could also mean helping you maintain financial equilibrium in the wake of divorce or the death of a spouse. A professional can provide education, advice, and instill confidence as you plan for a bright future.  Look for a Certified Financial Planner™ that you feel comfortable with and trust.  

Invest strategically. If you are in your fifties, you have less time to make back any big investment losses than you once did. So, protecting what you have is a priority. At the same time, the possibility of retirement lasting up to 30 or 40 years will likely require a growing retirement fund.   

Consider extended care coverage. Women have longer average life expectancies than men and can require significant periods of elder care. Medicare is no substitute for extended care insurance; it covers only a few weeks of nursing home care and may only apply under special circumstances. Extended care coverage can provide huge financial relief if a need arises.1  

Claim Social Security benefits carefully. If your career and health permit, delaying Social Security disbursements is a wise move. If you wait until full retirement age to claim your benefits, you could receive larger Social Security payments as a result. For every year you wait to claim Social Security, your monthly payments get about 8% larger.2

For married mothers, it’s wise to retire with a strategy and prepare for a time when you might survive your spouse. As you face retirement, a financial professional who understands your unique goals can help you design a wealth management approach that can serve you well for years to come.      

Sufficient insurance and a thoughtful estate plans need to be in place. Up-to-date beneficiary designations, trusts, and other estate planning mechanisms may help assets transfer from spouse to spouse and within the family without contention or undue delay. A good estate plan clearly defines the steps of the asset transfer process for a surviving spouse and other heirs. Having estate and financial items organized it truly a gift to loved ones.  

With a clear understanding of a financial plan, a mother can continue to fulfill the responsibilities of the short-term with confidence in the long-term.  If you are looking for a Certified Financial Planner™in Middle Tennessee, we welcome the opportunity to help you plan for today, tomorrow, and many years down the road.


This content is developed from sources believed to be providing accurate information, and provided by Twenty Over Ten. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security.