Saving for retirement? My husband got a new job last October.So right now his old 401k is sitting there with no contributions. His new company has the same (I think) company so it is just him putting in his time there. And why he did nothing with it all year is beyond me, but with a new baby that was born just weeks after he changed jobs, I have been leaving finances up to him....

Anyway, I do not personally have any type of savings for myself until he can contribut again to the same fund. I do work one or 2 nights a week as a bartender. My income is $3.50 and hour plus tips. During a snowstorm I made $7 and went home early, and on great nights have made over $300. So my income is very dependent on the tips I make, and it varies week to week.

I was wondering for those that stay home or work part time, do you have your own retirement account? And what and how? Is it from an old job?

I hope my husband and I are married til death do us part, but looking at the world around us it makes me want to protect ME, regardless of what I'd get in a divorce. I feel totally dependent on him to provide for me, and it is hard. I left a great job and good money 2 years ago to be home with our kids. We pretty much treat my income as pocket money, Target runs, grocery, hair cuts, stuff like that. His salary totally covers our expenses and then some.

So I'd like any advice for what I should do to help fund OUR retirement. I obviously have minimal funds to contribute, but I would feel better if I were doing something.

What we do is divide what is left of our income tax refund after paying our utility bills for the year by 12 and put them into 12(one each month)- 12 month cd's. My grandmother taught me this. If you have extra money one month, add that to the cd. This is also good for an emergency fund if needed. If you do this for 20 years, you have 20 years worth of extra income coming in. We try to put in between $700- $1,000 a month into the CD's. We keep rolling over the CD's unless we absolutely need the money.

I just plan on sharing my husbands. He has upped his contributions and I make up the difference with my jobs. We have been married 22 years and I don't see anything ever happening between us, but heaven forbid, if something did, I would make sure I got my portion in the divorce settlement.

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~Happiness is a large family~

Well, I am not a SAHM, so I have a pension through my job and a 403b through my job and my dh has the same. We also both have a roth ira and that is after taxes, so you can easily set one up and contribute. That is really all I really know about the financial stuff, but I can tell you that it is really important to protect yourself because you never know what can happen (and if nothing does, you still have a retirement). But my best friend's dad left her mom when she was in college and took everything and she was left with nothing, she hadn't really worked (except part time jobs) and so now she has no retirement and she is currently working several jobs. I have heard people say they are entitled to part of their husbands, and I am not sure what the "rule" is, but that is not the case with her. They have gone back to court several times and each time cost her money she did not have and she cannot afford to fight anymore.

I saved while I was working and will save again when I start working still I have $1500 in retirement envestments and if they perform really well (15%) that small amount would be worth $150,000 and if it does really poor only $6000 so having any investments now (even in they are small can work in your favor). DH invests 6% our plan is to add 3% each year if we can until we get to 15-20%. I too will jump on a retirement plan when I do rejoin the work force. To me getting to be home with my little one is worth possibly having to work into my mid 60s.

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Kimberly Proud Mommy to Bethany Rose April 2006

I don't think I am ever going to retire anyway!! There are draw backs to having late life babies!! I will be in my 60's when my boys will be in college!!! So, dh and I will probably be working until we drop over!

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~Happiness is a large family~

I will eventually go back to work, but for now, my husband has set up an IRA for me.

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Amie

Mom and personal chauffer to a 12yo, 8yo, 4yo & 2yo boys.

Beware of gymnasts--may flip without notice.

I have an IRA rolled over from my 401(k). It's not a lot. We have saved 90% of my income for the 3 years I worked (spent the rest on vacations!), but will probably spend it on a downpayment for a house. I plan to work part time once our kids are in school, then hopefully we will save 100% of my money again for retirement, kids' college etc.

Wow, this got me thinking. I worked for almost 20 years before I became a sahm, and I set up some retirement accounts way back then. I'm no longer contributing to them, though.

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~Jeweled

In Canada we have spousal RRSPs (Registered Retirement Savings Plans). The larger income earner can make contributions to the smaller income earner and claim the amount on their own taxes. This will help even out retirement income and reduce taxes during the retirement years.

Now what I'd like to see is income sharing. We are taxed at a higher rate (because dh makes more than I do) then we would be if we made the same and the bottom line amount was the same. I think families should be taxed based on household combined income and not on individual incomes. I'' get off my n my soapbox: now.

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