Have you lovingly played the role of soccer mom most of your adult life, shuttling your kids back and forth to sports practice, dance rehearsals and school events? While there’s no question about the intrinsic reward to be had in being home for your children, one has to wonder: how is it possible to save for retirement with no income? Perhaps your spouse works and has a 401(k) through an employer. Maybe you’re divorced and raising your family on one income, struggling to make ends meet. The question still remains: how do you plan to retire comfortably?

Here are five tips on how to make sure you’re taken care of in your golden years.

1. Roll over your retirement funds. If you left your job to stay at home with your kids, make sure you roll over your 401(k) into an IRA that will earn money for you over the decades to come. Just because you’re no longer earning a paycheck through your employer doesn’t mean retirement becomes any less important. You still have to have a plan in place that keeps your nest egg secure. Whatever you do, don’t cash out your 401(k) – you’ll be hit with penalties and fees, not to mention the hit you’ll take on taxes.
2. Have your spouse increase his 401(k) contributions. Putting the max allowable limit into this fund, coupled with a company match if it’s available, will optimize your retirement savings as a couple. According to the IRS, the contribution limit for employees is now $18,500 per year.
3. Consider opening a spousal IRA. If you are married, you can open a spousal IRA provided you are staying at home and not earning a living. Your spouse can contribute up to $5,500 per year if you are under the age of 49, or $6,500 for those age 50 and over to either a traditional or Roth IRA. To be eligible, you have to file a joint tax return with your spouse come tax season.
4. Become a freelancer and market your skills. Sign up on sites like Freelancer.com and Upwork to showcase your talents to potential clients. Plenty of companies are looking for freelance anything: website designers, writers, bloggers, consultants, editors and content specialists. If selling is your strong point, consider a direct sales opportunity through Pampered Chef, Tupperware or Miche bags.
5. Invest wisely in stocks and bonds.Now that you’re earning money, you have to be smart about investing it. Many people choose to hire a stock broker or financial planner to help them diversify their portfolio. They can let you in on which ways are best for you to invest, such as through common stocks, preferred stocks, bonds, money market accounts, or real estate investment trusts. Be careful about hiring a reputable investment advisor. Just in case, it’s wise to keep the number of a securities fraud law firmon hand. Call Thomas Law Group if you have been the unwitting victim of excessive trading, misrepresentation or unauthorized trading.