The Huge Retirement Penalty For Being A Mom

As Mother’s Day approaches, families are busy buying flowers or booking a brunch at a favorite restaurant. Sounds great, but you may want to check on Mom’s retirement plan.

Granted, 401(k)s are nobody’s first-choice topic on Mother’s Day. But it’s a discussion you don’t want to put off too long. Women raising kids face a higher degree of difficulty in putting money away, and they also face steeper costs in retirement. So it’s no surprise that nearly half of women raising kids are “not too confident” or “not at all confident” about retirement, according to a recent Transamerica survey. That compares with 36% of men with kids.

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