For stay-at-home parents, a disadvantage is losing out on employer-sponsored retirement plans and contributions.
EL SEGUNDO, CA (PRWEB) June 15, 2013
According to the U.S. Census Bureau, the number of stay-at-home dads increased to 176,000 in 2011. While this transition marks a cultural change in America, it also results in fewer retirement planning and savings opportunities that employed fathers have. This Father’s Day 2013, GoBankingRates.com seeks to make life easier for superhero stay-at-home dads, investigating the challenges faced when not working for a traditional employer and revealing two options that can keep fathers saving for their inevitable retirement.
“Stay-at-home dads receive a number of perks, such as more time to bond with their children and having deeper involvement in how their household is managed,” says Jennifer Calonia, editor of GoBankingRates.com.
“But to every good deal, there are certain drawbacks that aren’t always so apparent," adds Ms. Calonia, explaining, "For stay-at-home parents, a disadvantage is losing out on employer-sponsored retirement plans and contributions."
Fortunately, the new GoBankingRates.com retirement planning guide provides suggestions for how stay-at-home dads can ensure they don’t fall behind in retirement.
The top recommendations from the personal finance site are:
Opening a Spousal IRA
Traditional Individual Retirement Accounts (IRAs) require an income, states the report. However, stay-at-home dads have the option of opening a specialized IRA, called a Spousal IRA in order to reap the benefits of a standard IRA using their spouse’s income information.
Stay-at-home dads can also learn more about how Social Security benefits can play a role in their overall retirement game plan, as well as the risks involved with relying on this type of funding cushion.
See the full Father’s Day 2013 retirement planning guide here:
For questions about this report or to speak with a GoBankingRates editor, please use the contact information below.
GoBankingRates.com is a national website dedicated to connecting readers with the best interest rates on financial services nationwide, as well as informative personal finance content, news and tools. GoBankingRates collects interest rate information from more than 4,000 U.S. banks and credit unions, making it the only online rates aggregator with the ability to provide the most comprehensive and authentic local interest rate information.
Additionally, GoBankingRates.com partners with a number of major media outlets such as Business Insider and US News & World Report to provide compelling and edifying personal finance content. Its expert editors have been featured and quoted on several premier finance websites like Yahoo! Finance, Forbes, The Street, Huffington Post and more.
Learn more at http://www.gobankingrates.com/.
Jaime Catmull, Director of Public Relations
Source: U.S. Census Bureau, “Facts for Features: Father’s Day Edition,” May 2012.