Utah Money Moms
  • HOME
  • RESOURCES
  • About
  • Contact
  • Online Course

Financial healh for Women (Part 1 of 3)

9/24/2020

0 Comments

 
Guest Contributor: KristiLyn Wilkinson, M.S.
​USU Extension Empowering Financial Wellness Program Manager
Picture
Picture
In honor of celebrating women and our financial health, I want to talk about one area of our budget that might be a little weaker than the rest, saving for retirement. It is so important but is something we often put aside thinking “I will deal with this later”. It doesn’t impact our immediate financial situation, so it can be easy to not give it the proper attention and strengthening that it needs. But what happens to our muscles if we don’t consistently use them? They aren’t in the healthy condition we need them to be in when we need to use them. You know what I am talking about…that time you suddenly decided to go on a five mile hike with friends, even though you regularly circle the parking lot waiting until the closest spot to the store becomes available so you don’t have to walk very far, and then lie in the fetal position for two days with legs on fire after said hike...

Yes, saving for retirement should be a part of your budget. Yes, you can think it is far enough away in the future that you don’t have to worry about it right now, but then one day when you suddenly decide that to retire a millionaire you need to be investing $80,000 a year….that kind of hurts. 
​
You might be telling yourself, “hey, I’ve got this! I save for retirement.” I want to congratulate you if you are already doing this and provide some questions to help you start flexing those retirement muscles even more. Do you know how much you are investing every month- the dollar amount or percentage of your income you are putting towards retirement? Do you know how much of your income experts suggest you set aside so that you have enough money in retirement? Do you know the total amount you currently have invested for retirement? Have you calculated how much money you are going to need/want in retirement, or are you investing money every month and hoping it’s enough? Is the return you are making on your retirement investment greater than the rate of inflation? Are you overwhelmed by these questions because you don’t even know what some of them mean? Don’t worry! Stick with Utah Money Moms, we have your back!  

Are you ready to tackle this? Put on your stretchy pants and tennis shoes! Your financial health and wellness are worth it! This is the first post in a three-part series! First, we are going to learn together about IRAs (Individual Retirement Accounts)! I will be discussing what they are, two different types, how you set one up, and how to find money to contribute. In the words of Denise Austin, keep your heartrate up through the commercial, and I will be right back! Side note- I knew that sitting on the couch watching my mom workout with Denise Austin for 12 years of my life was going to come in handy some day! 

Basically, Roth IRA’s are the bee’s knees- so you should have one, and be contributing to it, even if it’s only $10 a month! Stay tuned for Part 3 of 3 where we will talk about how to open an IRA and make contributions. 

See you in Part 2 & Part 3!
0 Comments

Your comment will be posted after it is approved.


Leave a Reply.

    TAKE A FREE CLASS!

    Sign Up

    Host a Class

    Click Here!

    Picture

    amanda

    Sharing real-life money smarts to help you stay on track with financial goals while still enjoying life!
    Blog editor,  Accredited Financial Counselor &
    Extension Professor
    Utah State University 


    Follow the fun on Instagram


    AS SEEN ON

    Picture

    awards

    Picture
    Best of State 2022: Personal Finance Education
    Picture
    1st Place National Award in Social Media Education from the National Extension Association of Family and Consumer Sciences
    Picture
    Gold Award in Blog Site category at the 7th a​nnual Education Digital Marketing Awards.
    Picture
    Platinum Award in Digital Media, Web Design category at the International Marketing and Communication Awards.

      stay updated!

    Subscribe

    Picture

    Categories

    All
    2020 Census
    Allowance
    America Saves Week
    Book Review
    Budgeting
    Car Insurance
    Charity Fraud
    College
    Consumer Protection
    Couples And Money
    COVID 19
    COVID-19
    Credit
    Credit Cards
    Data Breach
    Debt
    Earth Day
    Education Expense Planning
    Emergency Savings
    Entrepreneurship
    Estate Planning
    Events
    Financial Binder
    Financial Education
    Financial Emergency Prep
    Financial Freedom
    Financial Goals
    Financial Health
    Financial Literacy Month
    Financial Paperwork
    Financial Peer Pressure
    Financial Security
    Financial Vision Board
    Flexible Spending Account
    Food Budget
    Gift Giving
    Holiday
    Holiday Budgeting
    Home Maintenance
    Homeownership
    Identity Theft
    Inexpensive Fun
    Inflation
    Insurance
    Investing
    Kids And Money
    Money Mindfulness
    Money Monday
    Money Personality
    Money Tip
    Mortgage
    Mutual Funds
    My529
    Net Worth
    Panic Buying
    Personal Allowance
    Personal Property Inventory
    PowerPay
    Renting
    Retirement
    Review
    Revolving Savings
    Roth IRA
    Saving
    Scams
    Singles And Money
    Spending
    Student Loans
    Taxes
    Tax Freedom Day
    Teens And Money
    Tracking Spending
    Travel
    Unemployment
    Utah Saves Week
    Vacation
    Women And Money

OTHER RESOURCES

finance.usu.edu
livewellutah.org
extension.usu.edu
powerpay.org

    STAY UPDATED!

Subscribe

FOLLOW US

  • HOME
  • RESOURCES
  • About
  • Contact
  • Online Course