por Jeffery Sterner
If you are a mom, it’s important that you take the time to plan for your future. By knowing your options, it can help you find the best ways to invest. Here is a look at some of the choices that are available to you:
Roll over your old 401(k) accounts If you left an employer and had a 401(k) account with them, it’s important that you take that with you. When you leave, many employers will give you the option to cash it out or roll it over to another retirement account. The first option is not ideal, because there are many fees for withdrawing that can take a sizable chunk of your funds. The best option is to roll it over to an IRA. This gives you the freedom of taking the funds with you and if needed, you can withdraw money for education expenses without incurring a penalty.
Budget how much you can contribute By taking the time to develop a budget, it allows you to see how much you can set aside for investing. Along with this, it’s important to re-evaluate your budget and make adjustments when necessary. While this will give you an idea of your contribution amount, it also helps you build the discipline needed to invest.
Open a retirement account If you stay at home and own a business, you may be eligible for an individual 401(k). This is where you can make regular contributions similar to working for an employer. The only difference is the contribution amount. For 2012, you can contribute 25 percent of your profit, up to $50,000. This also gives you the option of taking out loans in the future, if your plan allows. This would be ideal if you want to invest in a business opportunity, buy a home or settle your debts.
Increase the contribution amount to your husband’s 401(k) account This is a great way to maximize your contributions annually. In turn, you can make more investments and build your wealth more over time. For this year, the maximum amount you both can contribute to the plan is $17,000 for those under the age of 50 and $22,500 if you are 50 or older.*
There are many investing opportunities available for mothers. By knowing your financial situation, it can help you determine how much you can contribute. Furthermore, by learning of your options it can help you find the best choice for your funds. This can give you peace of mind in knowing the planning and hard work you are putting in today can pay off big in the future.
*As of 2018 you can now contribute $18,000 for those under the age of 50 and $24,000 if you are 50 or older.
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