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Old 01-23-2014, 07:52 AM   #1
newcdmommy29
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Retirement

I was wondering what other sahm's do for retirement. We are currently doing our debt snowball and we have no extra money to put aside. I turned 30 yesterday and realized I have nothing in place. Any recommendations?

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Old 01-23-2014, 08:28 AM   #2
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I just rely on DH's retirement funds. We have been together 25 years and married 20 this year. We have a wonderful and solid relationship. Never had any huge marital issues, just the mild argument here and there. I am confident that we will be together come retirement.

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Old 01-23-2014, 10:23 AM   #3
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Re: Retirement

I put about $2800/year into a Roth IRA in my name. My husband's employer matches his contributions so it comes out that he also gets about $2800/year into a Roth 401K in his name.

We both started saving for retirement at age 22, when we graduated college and got "real" jobs (we married at 21). I worked for 3 years after college until our oldest was born and then became a SAHM. My employer back then never offered retirement benefits, which is why I just went with a Roth IRA on my own.

I followed my husband's employer's program as a guide for how much to put in each month, and set my automatic monthly contribution accordingly. It started out 10 years ago at something like $100/month and increased over the years so gradually that we never really "noticed" it, if that makes sense. Every time he changed employers (3 times), we just rolled his 401K forward to the new account.

DH's employers always matched up to 3% of his income, and we have always lived on JUST his income (during my 3 years of work, we put all my income into first building a Fully Funded Emergency Fund, then paid off our mortgage). So that 3% plus the employers' 3% match, plus my 6%, puts us at saving 12% of our total income per year into retirement, which is around what most "experts" recommend.

My having my own retirement fund has nothing to do with the stability of our marriage. It is just that DH's 6% is just not enough to rely on, so we have my 6% in my name to make up the rest.

We follow the major indexes for deciding which funds to invest in.

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Old 01-23-2014, 11:35 AM   #4
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Re: Retirement

I have a Roth IRA, we put $200 a month into it. I'm 30 as well.

Dh is in the military (7 yrs left until he hits 20yrs) so he'll get 50% of our income when he retires, plus he has an Roth IRA and we will be starting a TSP soon too.
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Old 01-23-2014, 03:47 PM   #5
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My required contributions and employee benefits total 15% of my income. DH's employer does not have a retirement plan so we started adding $ each month into a Roth for him.

If I were a sahm I would want to contribute to an account each month. Running a household is a full time job. Women outlive men, and feeling secure about my future is important.
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Old 01-23-2014, 04:49 PM   #6
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I've got a couple hundred from my old job before I became a sahm, nit sure if dh has any or not.
Right now we don't have any extra $$ to put aside anywhere, but when I find a job I want to start something for an EF and retirement. We are 25 and 26
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Old 01-23-2014, 05:36 PM   #7
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Re: Retirement

401K and IRA. We started about 3 yrs ago and it's build up quite nicely. We should have our house paid off, wherever we live, and we have a savings account for the baby, for when he grows up.
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Old 01-23-2014, 09:00 PM   #8
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Originally Posted by Melinda29
I put about $2800/year into a Roth IRA in my name. My husband's employer matches his contributions so it comes out that he also gets about $2800/year into a Roth 401K in his name.

We both started saving for retirement at age 22, when we graduated college and got "real" jobs (we married at 21). I worked for 3 years after college until our oldest was born and then became a SAHM. My employer back then never offered retirement benefits, which is why I just went with a Roth IRA on my own.

I followed my husband's employer's program as a guide for how much to put in each month, and set my automatic monthly contribution accordingly. It started out 10 years ago at something like $100/month and increased over the years so gradually that we never really "noticed" it, if that makes sense. Every time he changed employers (3 times), we just rolled his 401K forward to the new account.

DH's employers always matched up to 3% of his income, and we have always lived on JUST his income (during my 3 years of work, we put all my income into first building a Fully Funded Emergency Fund, then paid off our mortgage). So that 3% plus the employers' 3% match, plus my 6%, puts us at saving 12% of our total income per year into retirement, which is around what most "experts" recommend.

My having my own retirement fund has nothing to do with the stability of our marriage. It is just that DH's 6% is just not enough to rely on, so we have my 6% in my name to make up the rest.

We follow the major indexes for deciding which funds to invest in.
I'm just doing the math with some simple numbers, but I don't think his 6% + yours equals 12% of your combined income. If you both made 50000, just to pick an easy number, 6% of that is 3000. If you are both contributing, it makes 6000, which is 6% of 100000, your total income. I just don't want you to think you were contributing what the experts recommend, when it is actually half of that.
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Old 01-24-2014, 02:51 AM   #9
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Quote:
Originally Posted by weaverk

I'm just doing the math with some simple numbers, but I don't think his 6% + yours equals 12% of your combined income. If you both made 50000, just to pick an easy number, 6% of that is 3000. If you are both contributing, it makes 6000, which is 6% of 100000, your total income. I just don't want you to think you were contributing what the experts recommend, when it is actually half of that.
I read it that she's a SAHM, or otherwise unemployed. $2800 is 6% of her husbands income, and they put an additional $2800 aside in her name from the same income source. So in your example, they are pulling $6000 from $50,000.
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Old 01-24-2014, 05:51 AM   #10
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Originally Posted by Marianna1988

I read it that she's a SAHM, or otherwise unemployed. $2800 is 6% of her husbands income, and they put an additional $2800 aside in her name from the same income source. So in your example, they are pulling $6000 from $50,000.
Oh I see... I read it wrong then
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