Retirement accounts for SAHM

[Anonymous]

Are there any options for retirement accounts for a SAHM other than regular brokerage accounts?

[Anonymous]

What % of your income are you looking to put away?

[Anonymous]

ira

[Anonymous]

Anonymous wrote:What % of your income are you looking to put away?

Well, I don't have an income. I would like to park $17,500 somewhere just like when I worked.

[Anonymous]

Where would you be getting the money from to deposit into a retirement account? Stealing it from your husband?

[Anonymous]

Anonymous wrote:

Anonymous wrote:What % of your income are you looking to put away?

Well, I don't have an income. I would like to park $17,500 somewhere just like when I worked.

in order to do that, you would have to get a job making at least that much. barring that, as long as your hhi isn't over the limit, you can put $5500 in an IRA.

[Anonymous]

Anonymous wrote:Where would you be getting the money from to deposit into a retirement account? Stealing it from your husband?

whoa, do you consider sahm to be "stealing" from their husbands every time they pay their credit card bills?

[Anonymous]

Anonymous wrote:Where would you be getting the money from to deposit into a retirement account? Stealing it from your husband?

Nah. He will lovingly give it to me. He thinks I am fab and wants me to feel secure.

[Anonymous]

We do either a roth or nondeductible ira. I forget which but the rules allow your spouse to pay if you do not work. Its not a big deal at all.

[Anonymous]

Anonymous wrote:We do either a roth or nondeductible ira. I forget which but the rules allow your spouse to pay if you do not work. Its not a big deal at all.

But it is capped at approx $5000. You can't do the $17.5k the same as if you're working.

[Anonymous]

Anonymous wrote:What % of your income are you looking to put away?

LOL

[Anonymous]

Anonymous wrote:Where would you be getting the money from to deposit into a retirement account? Stealing it from your husband?

Oh yes, that's how we roll, complete with handcuffs and a gag.

[Anonymous]

To answer OP's point, we do an IRA. The 17.5k is for 401(k) plans, the cap for IRA is much lower.

[Anonymous]

Anonymous wrote:

Anonymous wrote:We do either a roth or nondeductible ira. I forget which but the rules allow your spouse to pay if you do not work. Its not a big deal at all.

But it is capped at approx $5000. You can't do the $17.5k the same as if you're working.

Then, do $5,000 for last year - there still should be time and another $5,000 for this year and put the rest away for next year.

[Anonymous]

Anonymous wrote:What % of your income are you looking to put away?

What if I have quite a bit of interest income?