The “Mom Gap” in Social Security Explained
Author Marcia Mantell, founder of Mantell Retirement Consulting, believes age 22 is the time for folks, especially women, to be educated about Social Security, not in their 50s and 60s. Why? Many young women will start thinking about motherhood in their 20s, and that will invariably involve some time out of the workforce. It could be a little time out, a lot of time out, or a complete exit from the workforce. Any of these scenarios will have some impact on Social Security and retirement, since benefits are calculated based on one’s 35 highest years of income. Even a year absence lowers monthly benefit checks, and permanently so. As Mantell states, if folks know their “mom path” they can make more enlightened decisions. Read the full Street.com piece here.