D.C. Area Nesties
Dear Community,
Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
SAHM & Retirement savings
If you SAH (or your husband does), how are you saving for retirement?
Re: SAHM & Retirement savings
This doesn't apply to me, but, here's a good article:
http://www.fool.com/investing/ira/2008/03/12/iras-for-stay-at-home-spouses.aspx
Stand up for something you believe in.
I SAH but I did pick up some ndependent contracting work on the side so it makes this a bit easier. We've decided to put the $5K allowable into an IRA each year while I'm not working a 9-5 job. I still have my 403b from my former job, I didn't convert it, but we are planning to meet with a financial advisor soon to see what exactly is the best option for us. We may also decide to boost DH's contribution percentage.
I'm concerned that this year our joint income will be over the IRA cap. But, it's adjusted income, so maybe it won't?
We are going to talk this over with our financial adviser soon; just wanted to see what others are doing.
i think the income restrictions only apply to a roth, not traditional. though if you're contributing and trying to take the tax break for your amount, yes, your income is still a sticking point on a traditional.
but, you can start with a traditional this year and convert it to a roth and then (i think) the income restrictions wouldn't apply any longer. that just became effective in 2010(?)
here's a good article:
http://www.bankrate.com/finance/retirement/traditional-ira-vs-roth-ira-1.aspx
Thanks for sharing this. I'm going to definitely look into this!
The problem is that, ideally, we want to do tax-advantaged retirement savings. We max out my husband's tax-advantaged retirement savings & want to maximize whatever is available for me too.
My DH owns his own consulting company and I think he has a SEP which he can contribute to but I don't think he has been contributing the past few years since his income varies so much. Recently, we've each been contributing the max to a Roth IRA in each of our names. I contribute a decent % of my income to a 401K.
FWIW, I would highly recommend that people have some retirement savings in *their own* names. None of us want to think about the worst happening (divorce or a spouse spending the retirement on something) but it does happen. I watched my dad spend my parent's retirement (which was in his name) without my mother's consent. My mom had to start over with saving for retirement at age 40. She was a divorced mom with two kids and my dad didn't pay child support (because he was bankrupt). So, this is why I will always keep an ample retirement in my own name. SAH spouses definitely deserve to have a retirement account in their own name.