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Remember hearing about those stories where the wife worked to put the husband through law/medical/whatever school then he goes on to do well while she stops working for a few years to start a family etc etc- well that's sort of where I'm coming from. We don't fight about much- but this has been a point of contention for years. For those of you who do fund a spousal IRA-may I ask what approach you take? Do you fund both equally? do you max out both? (if you could afford to?) Is there a strategy for funding if one spouse is 5 years older than the other? Tax time will be here before we know it and I feel another confrontation coming on- and yes we are the beneficiaries of each others accounts- but that's only useful if one of us are dead-and I prefer it not be me.
I should probably add that i will have a nice pension-and he won't- if that matters.
My wife and I don't have seperate finances so we fund both 401ks and roths to the max each year. What is your confrontation about? We are in a community property state fwiw so all funding regardless of account titling is jointly owned
Yes, spousal iras need to funded. Pensions are never guaranteed over the long haul. I would recommend putting as much as you can into retirement....for both of you. There are so many variables you forgot to include, so it's hard to give you advice.
What is your age, income, salary, years until retirement, current employment status, future employment status, etcetera. You know...the basics. Also, what do you mean by "nice " pension? Are you picking a payout option that benefits him?
When I was married, we would max ex-h's 457 plan and my IRA. Ex-h didn't have an IRA. Ex-h does have a beautiful pension. Some of those years we both worked, some of those years I was a SAHM.
I don't understand why this matter is a source of contention and requires a confrontation. Does your spouse feel he is being treated unfairly? Do you disagree?
In the event of divorce, the court can order some or all of one spouse's retirement account be paid to the other spouse. All it takes is a Qualified Domestic Relations Order (QDRO) and your retirement money is rolled to your spouse.
ok- apparently I haven't explained myself clearly- my spouse thinks that because he is maxing out HIS ACCOUNTs (of which I am the beneficiary) that he doesn't need to fund one for me-In my name.
I am simply asking- does anyone working- fund a spousal IRA or roth IRA for a spouse who is not currently working and how do you do it. Do you fully fund both (if you can afford to) --Do you put the same amounts in both-if not fully funded etc....
ok- apparently I haven't explained myself clearly- my spouse thinks that because he is maxing out HIS ACCOUNTs (of which I am the beneficiary) that he doesn't need to fund one for me-In my name.
I am simply asking- does anyone working- fund a spousal IRA or roth IRA for a spouse who is not currently working and how do you do it. Do you fully fund both (if you can afford to) --Do you put the same amounts in both-if not fully funded etc....
Well, if he is maxing out his, and doesn't have the money left over for yours, then why does it matter?
There is NO reason, to my understanding, to be 50% in yours and 50% in his, as opposed to it being simpler to put 100% of his, if that's the extent you plan on investing. The purpose to do both, would be if you have already maxed out one.
I'm not seeing why this is really an issue and why you are making a concern out of it unless someone has as reason as to why it's better to go through the hassle of 50% of two, as opposed to 100% of one. It seems to me like you must not feel to secure in your marriage and want the pay out of helping him get through in case you guys divorce or something.
My gf travels with me while I work. She often doesn't work but I make a very good salary. Once we get married, I could never in my life seeing her suggest something like that if there wasn't a proven reason why it would be more efficient. I.e. putting 50% into two IRA's instead of 100% of one.
Like I said, this seems like a concern from someone that might not think this marriage will work in the long run. You basically mention that it only doesn't matter if you die.. Well.. What else would happen? A marriage with a back up plan probably won't be a successful one.
ok- apparently I haven't explained myself clearly- my spouse thinks that because he is maxing out HIS ACCOUNTs (of which I am the beneficiary) that he doesn't need to fund one for me-In my name.
I am simply asking- does anyone working- fund a spousal IRA or roth IRA for a spouse who is not currently working and how do you do it. Do you fully fund both (if you can afford to) --Do you put the same amounts in both-if not fully funded etc....
If you have the money to both you should. If not I don't see the reason the split it
ok- apparently I haven't explained myself clearly- my spouse thinks that because he is maxing out HIS ACCOUNTs (of which I am the beneficiary) that he doesn't need to fund one for me-In my name.
I am simply asking- does anyone working- fund a spousal IRA or roth IRA for a spouse who is not currently working and how do you do it. Do you fully fund both (if you can afford to) --Do you put the same amounts in both-if not fully funded etc....
Our situation is different in that both of us work and both of us have 401ks. However, if my wife ever did decide to stop working, I would fund her IRA simply because its the right financial decision for our retirement! If it was vice versa, I'm sure she would fund mine. Why not take advantage of deferred income taxes (traditional) or tax-free growth (roth IRA)?
Assuming you have the cash flow to afford funding your IRA and if your spouse is unwilling to fund it, you have bigger issues going on in your marriage. Not doing so is throwing away a huge amount of tax savings towards retirement.
ok- apparently I haven't explained myself clearly- my spouse thinks that because he is maxing out HIS ACCOUNTs (of which I am the beneficiary) that he doesn't need to fund one for me-In my name.
I am simply asking- does anyone working- fund a spousal IRA or roth IRA for a spouse who is not currently working and how do you do it. Do you fully fund both (if you can afford to) --Do you put the same amounts in both-if not fully funded etc....
ok- apparently I haven't explained myself clearly- my spouse thinks that because he is maxing out HIS ACCOUNTs (of which I am the beneficiary) that he doesn't need to fund one for me-In my name.
I am simply asking- does anyone working- fund a spousal IRA or roth IRA for a spouse who is not currently working and how do you do it. Do you fully fund both (if you can afford to) --Do you put the same amounts in both-if not fully funded etc....
yes...you need your own assets...because...life happens and you don't want to be screwed when it does.
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