Give Mom the Gift of Financial Security A Poll Shows Nearly One-Half of U.S. Adults Don't Know Mom's Financial Situation
While repaying mom for all she’s done in years past may be an impossible task, asking her a few simple questions right now may make a difference when it comes to her financial future. The American Association of University Women (AAUW) Educational Foundation's telephone survey of U.S. adults found that 40 percent knew very little or nothing about mom’s financial situation. In addition, the poll found that while most adults whose moms have retired realize that Social Security is her primary source of income, those whose mothers have not yet retired don't fully appreciate the importance of Social Security for their mothers or for themselves.
Is your mom over 65? Did you know that your mom will live alone for much of her retired life because your dad was older than she and women live three years longer than men? Did you know that because your mom was a mom and caregiver she had a shorter work life and because women are paid 23% less than men she did not have the opportunity to earn as much as a man. This means her Social Security will be less and she will not have been able to have saved as much in IRA's as she will need to live, for women need to save at least 12% of their income vs men's 10%. Did you know that only 6% of older women receive help from their families?
What can you do ? Be sure Social Security as we know it with its benefits will stay in place. (It can continue just the way it is for the next 33 years) Work to increase women's wages, urging passage of the NYS Fair Pay Bill will help. Finally, develop a financial plan that will provide for income after retirement. Love your mom and help her prepare for her future now. If you would like more information about this AAUW study go to their website www.aauw.org.