Affiliate Link Disclosure: This post may contain affiliate links including Amazon Associates from which I may make a small percentage if you make a purchase. This is at no extra cost to you and helps to keep this website running. Thank you for your support!
Have You Ever Wondered About Saving For Retirement As A Stay-At-Home Mom?
If so, you’re a step ahead of most!
So first off, give yourself a pat on the back for thinking about that ever-looming retirement!
It’s inevitably coming and you’re the kind of person who wants to be prepared for it.
Your Work Doesn’t Come With Retirement Benefits!
There’s no doubt taking care of the kids is the hardest job of all.
The shuffling kids around.
The diaper changes.
Then some more laundry.
You’re working harder than a 9-5, not to mention your job is around the clock.
But unfortunately, all your hard work doesn’t come with pay, medical benefits or a retirement plan.
So What’s A Girl To Do?
If you find yourself in this situation, how are you supposed to save for retirement?
I mean, it’s kinda a big deal, right?
Yes, you can scrimp and save.
You can cut back on expenses.
You know the drill!
But even with drastic cutbacks, it’s likely not enough to fund your spouse’s retirement, let alone yours!
Especially when you are trying to live off one income!
Am I right?
Retirement Accounts For Stay At Home Moms
Before we get into the good part about how I’ve been able to save fore retirement (and how you can too!), I wanna say a bit about the investment vehicle you can use to save for retirement as a stay at home mom.
If you don’t have an income of your own, you are eligible for what’s called a spousal IRA. The only things to qualify are:
- Someone else in your household bringing home a paycheck.
- Filing jointly.
So even if you aren’t getting paid for all your hard work, you can still invest towards your retirement in an account with your own name.
Traditional Vs. Roth IRA
One other thing you’ll need to know if you want to set up an IRA for yourself is whether you want to go with a traditional IRA or a Roth.
Here’s the difference:
With a traditional IRA, the money you put away isn’t taxed now. The initial investment plus any growth is taxed upon withdrawal.
A Roth IRA allows you to contribute after-tax dollars. Your investment grows tax free and you are not charged taxes upon withdrawal.
Which You Should Choose
Which you choose is going to depend on your particular situation. I personally like the Roth IRA. It’s a great option if you are younger and have a lot of time for your money grow.
How I Save For Retirement
So back to the problem of saving for retirement as a stay-at-home mom.
Yes, you know savings is great. But how are you supposed to actually have money to put away?
I know. I’ve been there too.
Busy with unpaid work, wanting to invest, but no money left at the end of the month.
I’m a stay-at-home mom of three kids.
A mom with sticky floors, piles of laundry and dinners to cook.
A mom trying to take care of the kids.
Trying to live off one income in a two income world.
Struggling to just make it through the month.
Not having enough to save for my retirement.
So let me tell you how I’m now able to max out my IRA contribution every year.
It’s a little secret called my side hustle.
Something I do in my spare time.
Something I work on during nap time or when the kids have gone to bed.
Are you ready for it?
Here it is: Flipping thrift store clothes online.
Yes, that’s what I do to save for retirement!
Flipping Thrift Store Clothes To Save For Retirement?
Wha wha what???
You’re asking right now, “You make enough to save for retirement by selling used clothes?”
Enough to max out my IRA contribution each year.
Not only that, but I’m making enough that I’m on a mission to pay my house off by selling used clothes!
In additional to saving for retirement, I’ve put nearly $20k from reselling onto my mortgage!
“So how much exactly do you make?” is probably your next question.
I’ve got you covered if you’re the skeptical type!
Each month I post an income report showing exactly how much I received, my expenses and what my net profit was.
I average around $2,000 a month just from working a couple hours each day and taking the weekends off!
I’ve made nearly $50,000 (net) selling used clothes online!
How Do You Do It?
The concept is pretty basic. Buy low (locally from thrift stores, garage sales, etc.) and sell high (online).
There’s not really too much else to it.
If you’re interested, here’s some additional reading to get started:
- Best Things To Sell On eBay
- 100 Best Brands To Sell On Poshmark
- The Complete Guide To Selling Clothes Online
But if you’re ready to get serious about this, get signed up for my FREE Reseller Bootcamp course now!
Reseller Bootcamp is a FREE 5-Day Course delivered straight to your inbox. In it you’ll learn all my best secrets:
- What kinds of items you can flip.
- The best places to sell to maximize your profits.
- 6 keys to taking professional looking photos.
- The 5 components to get your items sold.
and most importantly:
5. How to turn flipping into a steady and reliable income!
I Can’t Wait To Help You Reach Your Goals!
Get signed up now!
Seriously. I believe anyone can do this side hustle and make good money at it!
I’m not just “lucky.” This is my proven method that works!
So go get signed up!
I can’t wait to help you make money in this fun and exciting way!
I can’t wait to help you crush your financial goals, actually have money again, and save for that ever-so-important retirement!
I’ll see you on the other side!