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smiles
Life is good!
Member since 2/06 1450 total posts
Name:
S
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SAHM's - "retirement" question
I used to work and have money in a 401k from when I put it away but now that I am a SAHM mom I don't do anything toward "retirement".
My husband still has his 401k that we contribute too but the what if is starting to get to me. Maybe it is because my parents are divorced and so many family and friends have divorced but what would I do if 10 years from now DH and I were no longer together. I would be up a creek. Has anyone else thought about this? Does anyone have a good solution?
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Posted 7/16/07 9:20 PM  |
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CathyB
Member since 5/05 19403 total posts
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Re: SAHM's - "retirement" question
I still put money in an IRA in my name every year.
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| Posted 7/16/07 9:23 PM |
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Bxgell2
Perfection
Member since 5/05 16438 total posts
Name:
Beth
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Re: SAHM's - "retirement" question
You really should have your own IRA account and contribute money each year to it. DH and I have our separate 401k accounts, and on top of that, we each have our own IRA. We make sure we put a lump sum into our IRA's at the end of the fiscal year, to reduce any tax liability that we have 
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| Posted 7/16/07 9:28 PM |
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smiles
Life is good!
Member since 2/06 1450 total posts
Name:
S
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Re: SAHM's - "retirement" question
I have an IRA but contribute nothing to it compared to what I used to put in my 401k or what DH puts in his 401k.
I just feel like I can not go to DH and say "hey I need to put more money in my IRA in case I divorce you in 10 years."
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| Posted 7/16/07 9:32 PM |
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nrthshgrl
It goes fast. Pay attention.
Member since 7/05 57538 total posts
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Re: SAHM's - "retirement" question
I've heard of retirement funds being negotiated in divorce. I'm not sure if that includes 401(k)s though.
I would suggest that since you are a SAHM, he starts contributing towards your IRA
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| Posted 7/16/07 9:39 PM |
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CookiePuss
Cake from Outer Space!
Member since 5/05 14021 total posts
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Re: SAHM's - "retirement" question
Posted by nrthshgrl
I've heard of retirement funds being negotiated in divorce. I'm not sure if that includes 401(k)s though.
I would suggest that since you are a SAHM, he starts contributing towards your IRA
Yes, it usually does include 401k for the very reasons OP is asking about. Unfortunately you are limited to what you can contribute to your spousal IRA but there are other tax-deferred products for after tax dollars that are used in retirement planning that you could look into.
Message edited 7/16/2007 10:20:31 PM.
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| Posted 7/16/07 10:16 PM |
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Tah-wee-ZAH
Kisses
Member since 5/05 15952 total posts
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Re: SAHM's - "retirement" question
I agree 100% with what Beth and Barb posted.
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| Posted 7/16/07 10:16 PM |
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MrsR
My love.
Member since 5/05 6247 total posts
Name:
Jennifer
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Re: SAHM's - "retirement" question
I actually just had a looooong talk with a financial consultant the other day. There are things you can do - IRA's, Forced savings, etc...
Maybe you should talk to someone - even your accountant can help you out.
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| Posted 7/17/07 7:44 AM |
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Faithx2
All good things in 2016!!
Member since 8/05 20181 total posts
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Re: SAHM's - "retirement" question
I took my 401K and rolled it over into an IRA and contribute to that sporatically.
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| Posted 7/17/07 7:45 AM |
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mommy2Alex
3 babies for me :)
Member since 5/05 6683 total posts
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Re: SAHM's - "retirement" question
I am in the same position. I am going to talk with my financial advisor as to what my options are. I am not sure if there are any income limits and such.
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| Posted 7/17/07 7:50 AM |
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Bxgell2
Perfection
Member since 5/05 16438 total posts
Name:
Beth
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Re: SAHM's - "retirement" question
Posted by smiles
I have an IRA but contribute nothing to it compared to what I used to put in my 401k or what DH puts in his 401k.
I just feel like I can not go to DH and say "hey I need to put more money in my IRA in case I divorce you in 10 years."
I really try to not think about it that way - we approach it more as retirement planning as a couple. It doesn't make sense, even if you're together for 50+ years, to have all your eggs in one person's retirement basket. It makes so much more sense to diversify, and for tax purposes, you can shelter more money if you contribute to several plans, as opposed to just one person's. Because my husband owns his own company, we end up owing about $20k at the end of each fiscal year. We usually take that money out of savings and contribute $10k each into our own, separate IRA accounts so that we're saving for ourselves, separate, but with "together" in mind.
Just like your husband sat down at one point and decided, ok, I'm going to put X amount into my 401k every month, you should both be doing the same for a retirement account in your name. You are a couple, you are married, what's his is yours, and what's your is his, so it's not that you are taking money from him for your savings. Especially now that you have children, I'd suggest you meet with a financial planner - he/she will probably suggest it anyway, so it doesn't have to feel quite as akward as you bringing it up yourself, if that's a concern.
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| Posted 7/17/07 8:25 AM |
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