Mothers and retirement. 2

I’m Miriam Neff, and I’m Valerie Neff Hogan, with Wise Women Managing Money

M Most mothers lag behind others in retirement savings.  We recommend that each person, Mom’s included, set aside some savings every month, no matter how small. If this is impossible, here’s another idea. 

V  Take advantage of ways to reduce taxes.  Claiming dependents by looking at the child tax credit for dependent care is one.

Consider whether you qualify for and earned income tax credit if you have a low to moderate income.  Reducing your taxable income means long term savings, money to set aside for retirement. Some government programs may be available when income is low, like SNAP subsidies for food purchases.  Reducing monthly costs can make that tiny savings set aside a reality. 

M  Pray.  Lay out your needs, desires, and anxieties on God.  Yes, He sees and He cares.