Milwaukee (CBS 58) — Tom Neumann, Financial Advisor at Drake & Associates, will join us on Wednesday, May 10th, to help mothers prepare financially ahead of Mother’s Day on Sunday, May 14th. We discussed tips to boost your success.
Neumann explained that women, especially mothers, face financial hardships due to wage disparities, earlier retirement ages and a tendency to put the needs of their children before their own. To address the issue, he offered the following advice.
- Take control of your finances: Encourage moms to be proactive in daily budgeting and long-term financial planning to build confidence and build retirement savings.
- Put yourself first: Neumann emphasized the importance of parents, especially mothers, focusing on their retirement needs and not withdrawing from their retirement accounts for other purposes.
- Building for Retirement: Continuing contributions to a retirement account such as a 401(k) or IRA can help women achieve a secure financial future.
- Strategizing Social Security: Neumann advised women to delay social security when possible to maximize their retirement income.
For more guidance, visit Drake & Associates online.