Here's a novel idea for a Mother's Day gift: financial security. In launching a new monthly financial blog, Financial Planning for Everyone, the Certified Financial Planner Board in Washington, D.C., says mothers often overlook their own financial needs.
"Perhaps it is time for those of us who love and value the mothers in our lives to step it up a bit," said Eleanor Blayney, the CFP Board's consumer advocate, in a statement. "This year - along with the carnations and chocolates - consider making an IRA or other savings contribution for mom."
As the family's "domestic CEO", women generally live longer, are often single for more years and may not have as many years in the paid workforce. They need to become a little more selfish, says Blayney, about what they'll need to live on long-term.
She recommends that moms consider these steps:
Create a savings plan. Aim to put away more money, both for retirement and for a rainy day.
Get adequate disability/long-term care insurance. These lifetime risks are more prevalent for women.
Take more investment risks. Women traditionally are more conservative about investing, but need sufficient growth in their investments to accommodate their longer lives.
Sign up for community college classes. Mothers who want to return to the workplace or acquire additional skills to advance their careers should invest in additional education/training at community colleges.