NEW YORK (CNN/Money) - So, you and your husband have done the math and found that you can afford to stay home for a few years to run Kids, Inc.
Or perhaps you've discovered it just doesn't pay to hire full-time caregivers.
Either way, when you draw up the one-salary family budget, make sure to include contributions to your retirement plan.
"Full-time mothers pay a heavy price for being full-time mothers," said Deborah Chalfie, senior counsel at the National Women's Law Center. "Those years are lost in terms of retirement income."
Retirement studies show that women move in and out of the work force and are more likely to work only part-time than men because of the demands of child care.
That, of course, carries both a professional and economic price tag. But there are some things you can do to minimize the damages.
Tally the losses
First, account for what you're giving up. In addition to lost earnings, factor in the loss of tax-deferred employer-match plans and pension contributions.
If, for instance, a woman contributed $2,000 a year to a 401(k) plan starting at age 25 and her employer matched her at 50 percent, by the time she is ready to retire at age 67 she will have saved $912,730, assuming an 8 percent return.
Using the assumptions above, that same woman's nest egg would only tally $402,640 if she started saving at age 35, after having spent 10 years out of the work force to raise her children.
You may also lose out on better Social Security benefits. The formula for calculating benefits is based on your best 35 years of earnings, so there is some leeway for taking time off. If, however, your total work history falls short of that mark the government will add in a big, fat zero to make up the difference. As Chalfie notes, this will certainly weigh on your Social Security income.
On the plus side, you have the option to receive half of your husband's Social Security benefits should they be higher than yours. If you divorce before you reach retirement age, then you will need to have been married for a minimum of 10 years in order to qualify for spousal benefits.
Minimize the minus signs
What should you do to minimize damage to your nest egg?
For starters, leave your retirement plan intact when you quit your job, since redoing the kitchen with your retirement funds makes little economic sense.
"There are emergencies in life but it is never a good idea to cash out your 401(k)," Chalfie stated. "If they are cashing out their 401(k)s, that's just one more leg of the stool that is gone for women."
If by staying at home you've decreased your childcare costs then you may want to use some of that money towards your IRA. Don't worry about not being able to contribute the maximum amount either.
"People will say, I don't have $3,000. Well you don't have to," said Cindy Hounsell, executive director at the Women's Institute for a Secure Retirement (WISER). "You can put $500 into your IRA. You can put $1,000 in your IRA."
Hounsell also advises couples to look into disability insurance in addition to life insurance, even if it is expensive, as a long-term physical impairment can decimate savings.
Keep one foot in the work force
One of the best things you can do, experts say, is keep one foot in the working world -- whether that means working part-time or as a consultant, or by simply taking classes to keep your skills up-to-date. At the very least, volunteering or reading professional journals may help you stay just a tad bit ahead of the curve.
"For people who are out of the work force it is particularly important to keep abreast of developments in their field and to attempt as much as possible to keep their skills up to par," said Sara Rix, senior policy advisor for AARP.
But working part-time will also allow you to continue your Social Security contributions.
"These may not be your high wage years, but they are not your zero years," Chalfie said.
More than the money, working gives you a long-term advantage as having a continuous work history often helps you command a decent salary and a good benefits package when you do re-enter the job market full-time.
This is an updated version of an article that originally ran February 38, 2000.
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