Retirement Planning for Single Parents: Securing Your Financial Future

These days, single parents in the U.S. find it quite stressful to balance preparing for retirement with the responsibilities of raising kids. Yet, making practical retirement plans can alleviate some of this pressure. Proper retirement planning can pave the way for a future that benefits both you and your family while also providing a sense of reassurance as you progress forward.

Let’s examine some of the biggest challenges that single parents face nowadays. Then, let’s lay the groundwork for some moves you can make to build a more secure financial future.

Retirement Insecurity: A Top Concern for Single Parents

Parents in the U.S. often worry about their retirement security. Single parents, especially single mothers, encounter additional obstacles when planning for their later years. Research indicates that single parents frequently have difficulties that make it hard for them to focus on building their retirement savings. A recent survey of mothers revealed that half of them had no savings earmarked for retirement.

Various factors contribute to this lack of security in retirement:

• Lower lifetime earnings: Single parents, especially women, may earn less over their lifetimes. Taking time…