A 'shocking' reality for U.S. moms: Half have no retirement savings
On Mother's Day, the best gift for your mom might be a contribution to her 401 or IRA plan, with research revealing a significant gap between moms and dads in financial preparedness for retirement.
"When you see half of moms don't have any retirement savings, that's a really shocking statistic," said Laura Valle Gutierrez, a fellow at the Century Foundation, a progressive think tank, and the author of the new report. She added,"Moms are really the ones paying the cost for a system that doesn't properly value care work."
"One of the things that surprised me is how persistent this gap is, no matter how we cut the data," she noted. Family care responsibilities also commonly inhibit mothers' ability to save for retirement, especially if they scale back work to look after children, parents or other relatives.
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