Not sure what to get Mom this Mother’s Day? Instead of the usual chocolate, flowers or jewelry, Lincoln Financial Group’s Love and Responsibility Survey found the gift that over half of all moms would prefer most is a contribution to their retirement account.
The research also showed that 65 percent of moms are worried about not having enough money to retire. However, the good news is that 80 percent of moms said the steps they are taking with their personal finances will help them achieve their goals.
“Since moms do so much for the ones they love, Mother’s Day is a great opportunity for us to take care of them by helping to ensure they are financially prepared,” said Jamie Ohl, executive vice president, president of Retirement Plan Services for Lincoln Financial Group. “Talking openly about our finances isn’t always easy, but it’s important to first sit down and have that conversation. We need to work with our moms to better understand their strategy for saving to and through retirement so we can help them create positive outcomes for their futures.”
At a recent satellite media tour where she discussed the survey data, Ohl recommended three simple tips for moms and all consumers to get started:
1. Set Financial Goals. Track expenses and determine priorities. Tap into wellness resources available through your employer like a life expectancy calculator to determine how much money you would need to maintain your current lifestyle in retirement.
2. Set a Budget. Trim unnecessary expenses to find extra money to save. Small changes can really help to grow your retirement account. Try using a budgeting calculator.
3. Work with a Financial Advisor. A financial professional can help tailor a holistic plan to your specific needs, as well as educate you about various insurance and retirement solutions.
Visit www.lincolnfinancial.com/Mom for tools, calculators and more information.
About Lincoln Financial Group
Lincoln Financial Group provides advice and solutions that help empower people to take charge of their financial lives with confidence and optimism. Today, more than 17 million customers trust our retirement, insurance and wealth protection expertise to help address their lifestyle, savings and income goals, as well as to guard against long-term care expenses. Headquartered in Radnor, Pennsylvania, Lincoln Financial Group is the marketing name for Lincoln National Corporation (NYSE:LNC) and its affiliates. The company had $253 billion in assets under management as of March 31, 2019. Lincoln Financial Group is a committed corporate citizen included on major sustainability indices including the Dow Jones Sustainability Index North America and FTSE4Good. Additionally, Lincoln is dedicated to upholding a diverse and inclusive organization and was recognized by Forbes as one of the Best Large Employers, Best Employers for Diversity, and Best Employers for Women and received a perfect score of 100 percent in on both the Corporate Equality Index and Disability Equality Index. Learn more at: www.LincolnFinancial.com. Follow us on Facebook, Twitter, LinkedIn, and Instagram. Sign up for email alerts at http://newsroom.lfg.com.