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How to Plan for Retirement as a Mompreneur

How to Plan for Retirement as a Mompreneur - Source Pixabay

True, there are many upsides to being a momtrepreneur, such as being able to stay at home more, connect with the kids, stay on top of household issues while still earning a decent income. However, some of these upsides are downsides at the same time. Aside from the mom job, which always comes first, there is the issue of multi-tasking, stress and an almost constant feeling of not having enough hours in a day. Still, most days are gratifying and totally worth the stress of the hustle, so if you’re mulling over the idea of joining the ranks of mompreneurs, make sure you’re willing to put in the effort. There is one final nagging thought that hovers over most work-from-home moms – the issue of retirement. Most people who work from home, whether they’re moms, students or people with disabilities are facing the fear that they won’t be able to save enough for retirement. It’s a scary thought, which is what brings us here today. Hopefully, these tips will help you plan for those days and finally remove the grey cloud that’s been following you around.

The most important decision

Before we dive into the actual logistics behind saving, let’s first consider your retirement options. Do you wish to stay in your current home or will you be moving somewhere more affordable and perhaps more suitable for your distant future needs and even health requirements? It’s always smart to plan ahead and look into retirement house plans and options. It may seem like it’s too early to be scouting for these options, but it’s always better to get a jumpstart on things and leave nothing to chance. Once you’ve figured out what kind of retirement lifestyle you want to have and where you want to spend your retirement years, you will have an instantly clearer view of how much you actually need to save. This is why this is step one in the planning process.

The most important decision - Source Pixabay

If you don’t have one, build it

One of the best retirement-saving options for work-at-home moms is a solo 401k. One of the best parts about the ‘solo’ option is that it’s quite similar to the 401(k) found in big companies, but it actually gives you much more flexibility. What we mean by this is that you have the luxury of contributing as much (or little) as you can, depending on your income. Aside from the employee contribution, there’s also an employer contribution up to 25% of your net income. What this essentially means is that you can contribute a much larger amount than other retirement accounts, but are on the other hand free of obligation to make any contribution in any given year. Sure, the paperwork is a bit more tedious when setting up a solo 401k, but you can always turn to legal professionals who are experts in the asset protection field if you feel like you’re not equipped with enough legal know-how to go about it alone.

If you don't have one, built it - Source Pixabay

The joint route

There might be times when you don’t generate any income, which automatically means that you won’t be able to contribute to your retirement account. However, there is a way around this – your spouse has the option of contributing to what is known as spousal IRA. This process will require you to fill a joint tax return and this way, contribution limit will depend on the joint income the two of you generate.

The joint route - Source Pixabay

Door number three

If you’ve worked for a company before you decided to take a different route and become a niche blogger, copywriter, designer, the good news is that you probably already have a retirement account from your previous company. The reason this is great for you is the fact that you can roll that account over to an IRA and you don’t even have to worry about taxes and penalties. If you have this option, it allows you to enjoy more withdrawal options, which can be a real lifesaver in emergency situations or rainy day moments.

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