Saving money is a big goal for all of us. So in a single-parent family, when one parent bears the responsibility of raising kids and making financial ends meet, saving for something like your own retirement might be further down the priority list compared to your other financial goals.
The advantage of accumulating after-tax assets in a retirement account is that when they are distributed, the amounts will be tax- and penalty-free. However, this benefit is realized only if the necessary steps are taken.
Planning for significant life transitions is central to financial planning. As recent first-time parents, we can say with confidence that there may be no greater transition in life than starting a family.
Americans are living longer these days. That's a positive thing in theory, but from a retirement-planning standpoint, it can be challenging. After all, there's a difference between needing your retirement savings to last 20 years versus 30 years or more.