| Posted By |
Message |
smdl
I love Gary too..on a plate!
Member since 5/06 32461 total posts
Name:
me
|
Hot topic: SAHM and retirement - UPDATED with another Q on allowance
I don't want to have a "war" on the board but I have a few Qs.
What do you as a SAHM do for retirement and financial independence?
Are you taking money on the side for YOU?
I would love to be an exclusive SAHM but cannot give up my financial "independence". Let's just say from personal experience.
****************
UPDATED with another question.
Do you take money out of the household budget for yourself? Like making a little "stash" for you. For "just in case".
Message edited 1/15/2008 10:45:33 AM.
|
Posted 1/14/08 7:05 PM  |
| |
|
Long Island Weddings
Long Island's Largest Bridal Resource |
LisaI
Momma's Little Beans
Member since 1/06 3923 total posts
Name:
|
Re: Hot topic: SAHM and retirement
I have my 401K still earning money and investments as well as a savings DH puts money in each week for me. Vertainly not my old salary but it's something. I do plan on going back to work in 5 more years.
|
| Posted 1/14/08 7:13 PM |
| |
|
DanaRenee
Fitness Junkie!
Member since 6/06 6470 total posts
Name:
Dana
|
Re: Hot topic: SAHM and retirement
I have 2 IRAs from my previous jobs that are earning...but I haven't really though much about putting more away yet since 1. I'm not making anything  and 2. we are buying a house.
I'm pretty much relying on DH until I go back to work full time (eventually maybe after I'm done w/having kids). Luckily though, I also own a percentage of our family business so that should set me up pretty nicely later in life.
|
| Posted 1/14/08 7:17 PM |
| |
|
CunningOne
***
Member since 5/05 26975 total posts
Name:
|
Re: Hot topic: SAHM and retirement
I worked for 10 years before I had children, so I socked away the maximum amount into my 401K and have a really nice amount in it. I also take money each week and contribute to a GMAC money acount (earns 6%!!). The money for that comes from my current PT earnings, or if I do not have work/money coming in, DH will set aside some money for me.
|
| Posted 1/14/08 7:48 PM |
| |
|
Karen
Just chillin'!!
Member since 1/06 9690 total posts
Name:
Karen
|
Re: Hot topic: SAHM and retirement
I have a very nice 401K from my corporate days. I was going to start putting $$ in it directly, since I am not working at this point.
|
| Posted 1/14/08 8:09 PM |
| |
|
CookiePuss
Cake from Outer Space!
Member since 5/05 14021 total posts
Name:
|
Re: Hot topic: SAHM and retirement
As a SAHM, you are able to make contributions to a spousal IRA and annuities are always an option to take advantage of tax deferred earnings.
|
| Posted 1/14/08 8:11 PM |
| |
|
Mommy2Boys
My Boys!!!!
Member since 6/06 14437 total posts
Name:
C
|
Re: Hot topic: SAHM and retirement
I worked for a few years before having DS and plan on going back to work FT when we are done having kids and they are in school full-time. Right now I work PT so I make a little money and I also have my own business but we have one pot of money and dont look at it as his and mine.
|
| Posted 1/14/08 8:13 PM |
| |
|
Tah-wee-ZAH
Kisses
Member since 5/05 15952 total posts
Name:
|
Re: Hot topic: SAHM and retirement
I actually started an IRA at age 18. I kid you not, my dad made me sign the paperwork before I left for college so it would be set up on my birthday two months later. I remember thinking   "Dad, I have no money and I haven't even started college yet... are you nuts?" He said I'd thank him one day and I've thanked him several times Starting contributions that young has made a huge difference.
I've been working full-time in my career for 13 years and most of those years I've maxed out the 403B contribution and tried to invest as much as I could in other investments.
Yes, this year off is costing me but it's not so bad because I have so many years' contributions earning compounding interest. DH is contributing to my IRA this year.
|
| Posted 1/14/08 8:13 PM |
| |
|
|
|
Re: Hot topic: SAHM and retirement
I am sahm for now. Not forever! I have a401k too. Nothing is being added to it right now but it's not going anywhere and when I am ready to go back I will start contributing to it. Please, i wish I coudl stay home for good. This here is only temp until the kdis are in school.
|
| Posted 1/14/08 8:13 PM |
| |
|
jprimrose
I love my little munchkins!
Member since 10/05 3939 total posts
Name:
|
Re: Hot topic: SAHM and retirement
I am a SAHM now, but I am not sure for how long. Prior to this I worked full time a contributed to a TDA and Pension. In the future I will be contributing to an IRA.
|
| Posted 1/14/08 9:04 PM |
| |
|
CathyB
Member since 5/05 19403 total posts
Name:
|
Re: Hot topic: SAHM and retirement
I still have my 401k and invest in an IRA every year.
Plus DH and I invest a decent amount each year and all of our accounts are joint, so if something happened half of that and half of the house is mine.
When the kids are in school full time I have a home based business idea that I'm going to start. And it's going to be a raging success, so I'll be filthy rich. 
|
| Posted 1/14/08 9:12 PM |
| |
|
Diana1215
Living on a prayer!!!
Member since 10/05 29450 total posts
Name:
Diana
|
Re: Hot topic: SAHM and retirement
I have a substantial 401K from my previous job.
|
| Posted 1/14/08 9:14 PM |
| |
|
MrsR
My love.
Member since 5/05 6247 total posts
Name:
Jennifer
|
Re: Hot topic: SAHM and retirement
I still have a pension plan from work. Other than that I have IRA's from before I was married...and together we have invested for our future.
|
| Posted 1/14/08 9:18 PM |
| |
|
smdl
I love Gary too..on a plate!
Member since 5/06 32461 total posts
Name:
me
|
Re: Hot topic: SAHM and retirement - UPDATED with another Q on allowance
updated with another question
|
| Posted 1/15/08 10:45 AM |
| |
|
Janice
Sweet Jessie Quinn
Member since 5/05 27567 total posts
Name:
Janice
|
Re: Hot topic: SAHM and retirement - UPDATED with another Q on allowance
If all goes right, I will SAH forever.
I started an IRA, I have a 401K from my previous career.
I don't really have a stash. We have savings, but its joint.
I do all the money in the household, so if anything he gets an allowance.
|
| Posted 1/15/08 10:47 AM |
| |
|
Eireann
Two ladies and a gentleman!
Member since 5/05 12165 total posts
Name:
|
Re: Hot topic: SAHM and retirement - UPDATED with another Q on allowance
Honestly, I do nothing and that's probably incredibly naive of me. I've taught in Catholic schools all of my FT working life and, as you probably imagine, the salary was not amazing. As a result, I have no individual savings. We, as a married couple, have VERY good savings--I would not be staying home if that were not the case. We are still able to save even on one income. My DH is incredibly responsible and paranoid in contrast to me--who is totally carefree (ahem..irresponsible )--thank God for that!
I do not have any individual source of income either--or "allowance." I do not like that term! I charge most things I buy and leave my DH the bill at the end of the month.
In the event of DH's death, God forbid, my girls and I will do fine. Now, I realize I am probably too trusting and gullible, but in my heart of hearts I know that my DH and I will be together until the end and so I am not worried about being left living in a cardboard box.
I do plan to return to the FT working world once the last of my children is in pre-K.
Message edited 1/15/2008 11:31:27 AM.
|
| Posted 1/15/08 11:24 AM |
| |
|
patti08
Happy
Member since 5/05 3893 total posts
Name:
Patti
|
Re: Hot topic: SAHM and retirement - UPDATED with another Q on allowance
Posted by LisaI
I have my 401K still earning money and investments as well as a savings DH puts money in each week for me. Vertainly not my old salary but it's something. I do plan on going back to work in 5 more years.
Same here.
|
| Posted 1/15/08 11:27 AM |
| |
|
jprimrose
I love my little munchkins!
Member since 10/05 3939 total posts
Name:
|
Re: Hot topic: SAHM and retirement - UPDATED with another Q on allowance
I have a substantial savings account that I had before I met DH. Some of it is an inheritance so we agreed to just keep it in my name. I also have my own checking account that I used to get my work check deposited in. I still have some money in it. We also have joint accounts. Neither one of us gets allowances. We use the money that DH makes as we need it.
I am on a leave of absence from the Board of Ed and I am allowed to sub as much as 4 times a week. So if anything I can always sub to make money. I can take up to 4 years leave of absence for each child, but you do it yearly so I can always return to work if I had to. I also think that if your principal agrees you can break your leave of absence in the middle of the year.
|
| Posted 1/15/08 11:28 AM |
| |
|
CathyB
Member since 5/05 19403 total posts
Name:
|
Re: Hot topic: SAHM and retirement - UPDATED with another Q on allowance
Posted by smdl
UPDATED with another question.
Do you take money out of the household budget for yourself? Like making a little "stash" for you. For "just in case".
No, but we don't have a separate household budget. I use our joint credit card to buy whatever we need, and the cc bill gets paid from one of our joint accounts. DH also does not question what I'm spending money on. He might ask me about a specific charge if he's not familiar with the store to make sure it's legit but that's it.
I don't feel like it's "his" money or whatever, and DH never acts that way either. It's our family's money.
And I'm not worried about him hiding money on me if we did end up separating. I have full access to all our accounts and know pretty much to the penny how much we have and where it is.
Message edited 1/15/2008 1:25:52 PM.
|
| Posted 1/15/08 1:24 PM |
| |
|
|
|
Re: Hot topic: SAHM and retirement - UPDATED with another Q on allowance
All I have is my IRA account that I had from when I started working full time back in the day. Now I have nothing of "my own" money-wise.
|
| Posted 1/15/08 1:25 PM |
| |
|
Selden78
I lvoe the fall :)
Member since 6/06 3543 total posts
Name:
|
Re: Hot topic: SAHM and retirement - UPDATED with another Q on allowance
I have 401k, IRA, other mutual funds for OUR later years of life. We also see the house as a GREAT assest. As for stocking some away on the side..... I am not going any place so I would need to do that.
I am also not a permint SAHM if money gets tight back to work I go, if not.... once DS is n school off to work I go
|
| Posted 1/15/08 1:28 PM |
| |
|
GoldenRod
10 years on LIF!
Member since 11/06 26792 total posts
Name:
Shawn
|
Re: Hot topic: SAHM and retirement - UPDATED with another Q on allowance
Posted by smdl
****************
UPDATED with another question.
Do you take money out of the household budget for yourself? Like making a little "stash" for you. For "just in case".
The majority of my paycheck goes into the joint account, which I almost never touch. DW has full control over everything in that account. I actually take a "stash" out of my paycheck for my own "allowance"...
|
| Posted 1/15/08 1:31 PM |
| |
|
maybebaby
LIF Adult
Member since 11/05 6870 total posts
Name:
Maureen
|
Re: Hot topic: SAHM and retirement - UPDATED with another Q on allowance
Honestly? Our money is our money..it was that way when we both worked, its that way now.
If i need something, it comes out of checking and we save whatever we can. Same for DH...we ask one another before big purchases (big to us are over $40, lol!) and see what we are working with.
As far as retirement...I have my own 401K from when i used to work...we contribute to it monthly and DH contributes to one for us.
I don't worry about an "allowance" (I actually hate that term but i know no harm is meant in it"...our money is OUR money.
|
| Posted 1/15/08 1:38 PM |
| |
|
