A "shocking" reality for U.S. moms: Half have no retirement savings
CBSN
On Mother's Day, the best gift for your mom might be a contribution to her 401(k) or IRA plan, with research revealing a significant gap between moms and dads in financial preparedness for retirement.
About half of mothers across the U.S. have zero dollars in retirement savings, compared with roughly one-third of fathers who are unable to put money away for their later years, according to a recent analysis from The Century Foundation, which examined data from the Financial Health Network,
The findings highlight a troubling and pervasive lack of retirement readiness for millions of mothers, who are much less likely to save because of factors including a persistent gender pay gap and because moms are more likely than fathers to take time off from work to care for children. Giving up a job also stunts their potential Social Security benefits given that the program is based on a person's highest earnings over 35 years.
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