Making the decision to return to work after staying at home with children, or leaving the workforce to stay at home is sometimes a difficult decision for parents. The financial aspects of that decision will be based on the elimination of expenses incurred while staying at home, examples of which are life and health insurance premiums that may be replaced by employer-provided plans. When looking at the benefits of working, income should be considered right alongside the ability to build a retirement fund through 401(k) contributions, the cost of health and life insurance and the expenses associated with being part of the workforce.
Keep Working or Stay at Home?
Should You Work Outside of the Home?
Income & 401(k) |
Premiums & Expenses |
State & Federal Taxes |
Social Security |
Net Earnings |
|---|---|---|---|---|
| Amount | |
|---|---|
| Stay at Home | |
| Work Outside the Home |
| Monthly Income | Amount |
|---|---|
Total Monthly Salary and Benefits |
This calculator is intended for informational purposes only and is considered an estimate. The accuracy of this calculator is not guaranteed by General Electric Credit Union (GECU). The calculator and its results do not constitute the advice of, or reflect actual products, services, rates, and/or terms available. Nothing contained in the calculator shall constitute an offer or solicitation of a product or service by GECU. This calculator is not intended to offer any tax, legal, financial, or investment advice. Please consult with qualified advisors to discuss your specific needs.