Give mom an IRA for Mother's Day

Most moms don't need another kitchen gadget and most restaurants are overcrowded on Mother's Day. What hard-working, full-time, un-paid mothers need is an Individual Retirement Account (IRA). Although one generally needs earned income to fund an IRA, both spouses are eligible to fund IRAs as long as one spouse has sufficient earned income. Because unpaid homemakers don't pay Social Security taxes they do not earn Social Security credits. Although they are eligible to collect benefits based on their spouse's (or ex-spouses if married at least 10 years) earnings record, women need more financial security for later life. Roth IRAs can be started with as little as $100 Schwab. Check out the other IRA posts for more info and give your wife or mother a present of lasting value this year.