Question : Any suggestions for a retirement plan for stay at home Mom?
I'm currently a stay at home Mom and do not have a retirement plan in place. I'm 30 and looking for a reasonably priced plan for the future. Any suggestions?
- asked by auntihaha
All Answers:
Answer #1
wow auntie.......the best plan is to make sure thekids can return the favor when you need them !!! that is as reasonable as it gets
- answered by klunk
Answer #2
If you're pretty sure that you won't need themoney before age 59 1/2 or later, you can put itin an annuity. Annuities were established in the1960's to allow people to invest for retirementand not pay taxes until the money is withdrawn.Some annuities are used for IRA's but you can usean annuity outside of an IRA also. There arevariable annuities, where the money is invested inthe market, and fixed annuities where theinsurance company gives you a set return. Go to abook store and get the book "Getting Started inAnnuities". It's very informative and prettyaccurate. A broker and/or an insurance agent cansell you an annuity. Make sure it's with acompany with an A. M. Best rating of A or A+ orA++. Good luck. There are conditions under whicha stay-at-home parent can contribute to an IRAbased on their spouse's income. You can check outthe rules for IRA's in www.irs.gov
- answered by Angela S
Answer #3
Gradually build yourself an online business now sothat it will generate income in the years aheadwithout a lot of continued maintenance and upkeep. It can actually be quite fun if you pick a nichethat you really enjoy. I decided to do that (late30's) ;-) and began an online chocolate candysite. It is gradually growing and in a few yearsshould be bringing in a steady income. I'm havinga grand time doing it too. (You can check it outin my profile if you want to see what I mean).Itis always nice to be prepared even though we haveno guarantees of what the future holds.All thebest.
- answered by Angela
Answer #4
If you have any earnings you can start a Roth IRA.If not, then you have to invest in a taxableaccount. My guess is that you are not familiarwith investments. I would suggest you considerinvesting in Vanguard's Star Fund or one of theirTarget funds (pick a date closest to yourestimated retirement date). Both of these fundsare low cost and provide a diversified allocationof investments. Just go to their web site or callthem to get started. I think you should also beginreading about mutual funds, investing, etc -unlike most of what we learned in school this isknowledge you can use and profit from the rest ofyour life. Just be careful everyone wants to lureyou with "the top ten funds..." etc. Look for thearticles that recommend using index funds - e.g.books by Bogle on mutual funds (he foundedVanguard). As you become more knowledgable you canmove your investments. The best way to save is todo it automatically. You can have money taken outof your bank account and invested in your mutualfund each month. Once you do that - don't pay muchattention to the market "noise" - markets go upand down, you are in it for the next 25 years orso - so don't panic. When you are about 5 yearsfrom needing the money - then give it somethought.
- answered by J
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measure and fulfill your financial needs
