My Mom ‘Didn’t Know What a 401(k) Was.’ How Will She Retire?
The dilemma: A 23-year-old earning $94,000 discovers her mother lacks a retirement plan. “My mom does not have any retirement savings at 58 years old,” a software engineer shared recently in a post to the subreddit r/PersonalFinance. “I asked my mom if she has a 401(k), and she didn’t know what a 401(k) was.” The…
