The Hidden Retirement Impact of Being a Stay-at-Home Parent

Women who take time away from their careers, particularly to raise children, are more likely than men to go back to work after retiring, according to a survey by Charles Schwab. The data also revealed that women face specific hurdles around retirement, despite being more involved in finances and investing now than in the past. The survey found that 30% of women who took career breaks ended up returning to work after retiring, compared to 14% of men. Women were more likely to pause their careers for parental leave, child care, and health issues. Financial planning and active participation in wealth management are crucial for women, as they need to align investments and savings with their goals. Advisors recommend contributing to a 401(k) and building emergency savings, even for younger workers.