Ask:
I currently work and don't know if I will ever be able to stay home, but one thing that I've always wondered about is what SAHMs are doing to fund their retirement. Does DH contribute more to his fund to make up for that? Or is it just put on hold until you return to work? Just curious
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My husband contributes enough to 401k for both of us. You have to trust that you will be able to shaire it when the time comes.
I recently heard that if you want to be a SAHM you should sign a prenuptual agreement so you are not left with nothing at retirement.
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I think that is a great idea. You need to be able to protect yourself and your interests.
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I guess I won't have a retirement! I actually had never thought about it before. Hmmm.....
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I don't know if you have it in the US but we have what is called a spousal plan. Dh contributes to his retirement plan and to my retirement plan every month and he gets the deduction for both as long as he doesn't go over his contribution limit.
I read recently that in order to have $70,000 a year in retirement funds ($30,000 in today's dollars) you will need a million dollars by 65. If you are 35 now, that means saving $500 a month, averaging about 8%, over the next 30 years. That will then pay you until you are 90. We don't save that much yet but that's our goal.
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DH contributes the max to his 401K and we both have Roth IRAs that we try to contribute as much as possible to during the year. I have 401K funds from when I was working before too.
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Unfortunatly we have no retirement plan. My dh is 42 and I'm 27 so I worry more about him. He doesn't get a 401(k) at work so I need to find a job with great benifits even if I don't make much when I do go back to work. I've started looking into other retirement plans but it's very confusing to me and I'm not sure what to do.
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Not a good situation here when it comes to retirement. I guess I'm going to say that it is on hold until I go back to work, but honestly, I feel I am needed here so I just don't know.
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I am not worried about it at all, but when I will when I go back to work in 4 years when all the kids are in school. I will still be in my twenties, so it works out well for me.
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My dh has a retirement plan, and we are planning on that being for both of us. We tend to think of us as a unit, so what's his is mine and vice versa. I don't think we will be retiring for a very, very long time though. That is a definite draw back to late life kids!!!