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Note: I am not a financial advisor or expert. But I do invest and today I want to talk through some of those fears you might have.

Last week during my kids’ nap time I sat on my bed with my tablet and Diet Dr. Pepper and I mapped out my retirement contributions for the rest of the year.

But I want to talk to you about saving for retirement. Especially you moms. You cannot under any circumstances expect someone else to take care of you in your retirement.

Did you know that women invest 40% less over their lifetime than men? But did you also know that when they do invest there is a higher rate of return? (source)

Some people think it is because women are more risk-averse. And maybe that is true. But do you know what another big risk is, besides investing, not having any money to retire and being dependent on someone else to take care of you?

I find this all very interesting. But regardless- MORE WOMEN NEED TO INVEST MORE MONEY.

But how does my money grow?

Let’s say you get an average 6% rate of return. And let’s say you invest $100 a month (that’s just $25 a week!). In 10 years you would have a balance of $16,326. You have the $12,000 you invested and $4,326 in interest.

Where do I start?

Start with your employer match 401k. At the very minimum contribute the match. (We did this even when we were paying off debt. I don’t care what Dave Ramsey says. He’s not going to fund your retirement. Invest in yourself.)

Most experts say to shoot for 10% - 15% of your total household income. Some people do far, far more. This money will be invested PREtax- meaning it brings down your taxable income each year). But you will pay the taxes on it when you withdraw on retirement.

Look into a Roth IRA. This will allow you to invest money POSTtax. This means you will invest money after taxes is taken out and the money will grow tax-free. When you retire you won’t pay taxes on it. I like to shoot for the maximum Roth IRA contribution, which is currently $6,000 ($7,000 if you're age 50 or older).

There are lots of other things like stocks, mutual funds and ETFs. But if you’re starting out I would focus on your 401k and an IRA.

You have to move that money yourself. You have to put money away for your future self. Your children need you to save for retirement. They need you to save for your future more than they need you to save for their college expenses. They need you to save for your future more than they need a trip to Disney World. They need you to save for your future more than they need a new iPhone. Your children need you to take care of your future self. It’s not selfishness. It’s looking out for them too. Because otherwise, their future might look like raising children while paying the expenses of an aging parent.

This message is not meant to guilt you. Just the opposite. This message is to remind you that taking care of your future self is a loving act toward the people you care about.

You may not have hundreds of dollars to save each month. Do you what you can with what you have. We have an entire host of information at our fingertips. We no longer have the excuse of not being informed. We no longer have the excuse of not being educated about money. (But yes- finance education inequality is a real thing and needs to be corrected.)

So I urge you to do what you need to do to take care of you in the future. The only money future you has is the money you set aside for her now.

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