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Financial planning tips for single parents

Financial tips for single parents
Financial tips for single parents © Andy Dean Photography/Shutterstock.com

Long-term financial planning for single parents has its challenges. "Losing a job or becoming ill can be more catastrophic as a single parent than if you are part of a two-income couple," says Jan Cullinane, author of AARP's "The Single Woman's Guide to Retirement."

Additionally, because mothers in particular tend to go in and out of the workplace and give up career momentum to take care of their families, they often face lower income prospects than fathers, says Jon Ten Haagen of Ten Haagen Financial Group in Huntington, N.Y. Plus, a wage gap still exists between the sexes.

Attending to financial planning now will pay off in the long run. "The biggest problem I see is people not getting started," says Ten Haagen. "The best gift is to get started."

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