{"id":13280,"date":"2022-05-02T09:21:28","date_gmt":"2022-05-02T14:21:28","guid":{"rendered":"https:\/\/johnsonwim.com\/?p=13280"},"modified":"2022-05-02T09:22:02","modified_gmt":"2022-05-02T14:22:02","slug":"this-mothers-day-give-the-gift-of-retirement-security","status":"publish","type":"post","link":"https:\/\/johnsonwim.com\/this-mothers-day-give-the-gift-of-retirement-security","title":{"rendered":"This Mother’s Day, Give the Gift of Retirement Security"},"content":{"rendered":"

While we’re sure mom LOVES flowers and chocolates on Mother’s Day, the unconventional gift of a retirement plan could be the gift she’s always wanted – and needed.<\/strong><\/p>\n

Our mothers do so much for us without us even knowing. American moms oversee housework, child care, elder care, cooking, problem solving, scheduling appointments, and anything else that happens to fall through the cracks during the other 364 days of the year.\u00a0<\/span><\/p>\n

While we understand that a talk around Roth IRAs and vs Traditional IRAs isn’t the ideal way to spend Mother’s Day brunch, helping support and set up a solid retirement plan is the gift that keeps on giving.<\/p>\n

Because our mothers play a pivotal but invisible part in our nation\u2019s economy, we need to start fully recognizing them for their contributions. This year, instead of gifting your mom a gift voucher or sweet smelling candle, give her something she will take advantage of.\u00a0 Here\u2019s how you can give your mom the gift of Retirement security.<\/p>\n

Retirement Facts for Women<\/b><\/h4>\n

Unfortunately, older women are typically in a more precarious financial position than men \u2014 thanks to a variety of demographic and economic factors. On average, women live longer than men, meaning they must stretch their retirement dollars further.\u00a0<\/span><\/p>\n

In addition, women have been less able than men to save for retirement because of unequal pay.<\/span> In 2020,<\/span><\/a> women in Iowa earned 83.7% of what men earn when all other factors are equal. The women\u2019s-to-men\u2019s earnings ratio was 80.3 percent in 2019. Nationwide, women earned $891 per week, or 82.3 percent of the $1,082 median for men.<\/span><\/p>\n

Lower lifetime earnings lead to lower retirement wealth. The most important link is through Social Security, which <\/span>provides<\/span><\/a> over half of family income to 52 percent of the elderly and at least 90 percent of income to 25 percent of the elderly.\u00a0<\/span><\/p>\n

How Women Can Reach Retirement Security<\/b><\/h4>\n

Knowledge truly is power. Once you know what kind of forces are working towards you it can help you look forward to the ways you can work around things such as unequal pay gaps. Although gender inequality is a pervasive problem with deep cultural roots, narrow economic policies can help reduce disparities between men and women.<\/span><\/p>\n

But fixing a retirement system that was not designed to accommodate women\u2019s experiences will require significant changes, not just in retirement policy but in labor market practices and policies as well. Here are 3 tips mom can do to help reach a safer retirement.<\/span><\/p>\n

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  1. Try to Maximize Mom’s Social Security Income<\/strong><\/li>\n<\/ol>\n

    Try to help maximize <\/span>Social Security benefits <\/span><\/a>for mom and her spouse. You can start by knowing which of the many separate claiming strategies for married couples is right for her. The SSA calculates your benefit amount based on your earnings, so the more you earn, the higher her benefit amount will be. Our top recommendations for helping her maximize Social Security include:<\/span><\/p>\n