Local expert discusses financial success for moms ahead of Mother's Day

MILWAUKEE (CBS 58) -- Financial advisor Tom Neumann from Drake & Associates joined us on Wednesday, May 10 to discuss tips for helping mothers boost their financial success in advance of Mother's Day on Sunday, May 14.

Neumann explained that women, particularly mothers, face financial challenges due to wage disparities, earlier retirement ages and a tendency to prioritize children's needs over their own. He offered the following advice to address these issues:

• Taking control of finances: Encourage moms to be active in daily budgeting and long-term financial planning to build confidence and retirement savings.
• Putting yourself first: Neumann stressed the importance of parents, especially mothers, focusing on their retirement needs and not withdrawing from retirement accounts for other purposes.
• Building for retirement: Consistent contributions to retirement accounts, such as 401(k)s and IRAs, can help women achieve a secure financial future.
• Strategizing Social Security: Neumann advised women to delay taking Social Security benefits, if possible, to maximize their income in retirement.

For further guidance, visit Drake & Associates online.