SAHMs, how much money do you have in your own name that is not joint?

[Anonymous]

Anonymous wrote:

Anonymous wrote:We've been married for 30 years. All of our accounts are joint. We don't do "his money", "my money" stuff in our marriage. It's just all ours. No nups.

+1.

OP, wanting your "own money" raises all kinds of red flags.

+1
Same, one big pot. The 401Ks and IRAs are in our individual names because they were set up that way, otherwise, all of our financial accounts are in both our names, no need to have "my money" versus ours.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:What would be the goal of the retirement savings on your own? Is your DH's 5M not enough?

Isn't OP already retired?

OP here. When I mention going back to work, DH always tells me that I should consider myself retired.

Wow OP. How does this make you feel?

FWIW, I've been a SAHM for the past 16 years and have no plans to re-enter the workforce for another ten years or so. My husband would support me going back to work and wouldn't dismiss my goals or desires.

Umm, you will not be able to,go,back to,work after a 26 gap, what are you smokng?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We've been married for 30 years. All of our accounts are joint. We don't do "his money", "my money" stuff in our marriage. It's just all ours. No nups.

+1.

OP, wanting your "own money" raises all kinds of red flags.

+1
Same, one big pot. The 401Ks and IRAs are in our individual names because they were set up that way, otherwise, all of our financial accounts are in both our names, no need to have "my money" versus ours.

But if you have retirement accts in your own name, you absolutely do have money in your own name, whether you intend to share it or not.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Nothing. This year I'll be withdrawing small amounts of money and opening a checking account in my name. Next year i will go back to work. I don't like feeling dependent and vulnerable.

Ahh seeing yourself divorced

Potentially. I discovered my husband was cheating earlier this year and the only thing that prevented me from leaving was that I didn't have my own money. I'm working on the marriage now but am very cynical.

[Anonymous]

Anonymous wrote:OP: I assume your 401k is rolled over to an IRA at place like Fidelity or Vanguard.

Wherever, go to their website.
Transfer $10,000 to your IRA account (from one of your joint accounts) and click "make a ROTH contribution for 2016".
Open a ROTH account and transfer $5000 to it (today or any day before April 18, 2017) for 2016.
Then repeat the process for 2017 (today or any day before April 16, 2018).

Then every January contribute the max allowable.

Every non income-earning spouse should be doing this every year!

This just makes good financial sense (no judgment about marriage necessary).

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We've been married for 30 years. All of our accounts are joint. We don't do "his money", "my money" stuff in our marriage. It's just all ours. No nups.

+1.

OP, wanting your "own money" raises all kinds of red flags.

+1
Same, one big pot. The 401Ks and IRAs are in our individual names because they were set up that way, otherwise, all of our financial accounts are in both our names, no need to have "my money" versus ours.

Ditto

[Anonymous]

Anonymous wrote:

Anonymous wrote:OP: I assume your 401k is rolled over to an IRA at place like Fidelity or Vanguard.

Wherever, go to their website.
Transfer $10,000 to your IRA account (from one of your joint accounts) and click "make a ROTH contribution for 2016".
Open a ROTH account and transfer $5000 to it (today or any day before April 18, 2017) for 2016.
Then repeat the process for 2017 (today or any day before April 16, 2018).

Then every January contribute the max allowable.

Every non income-earning spouse should be doing this every year!

This just makes good financial sense (no judgment about marriage necessary).

OP here. I just kept it at my old company 401k (American Funds) as I have been satisfied with my returns. I do not have a ROTH IRA. I will look into that and definitely start making contributions. Is there a max?

I know DH maxes everything he can for his retirement. I would like to start doing the same. I don't think he would have any problem putting in small (5k) or maybe even large (100k) amounts of money into my retirement. I just never brought it up before.

[Anonymous]

Anonymous wrote:

Anonymous wrote:OP: I assume your 401k is rolled over to an IRA at place like Fidelity or Vanguard.

Wherever, go to their website.
Transfer $10,000 to your IRA account (from one of your joint accounts) and click "make a ROTH contribution for 2016".
Open a ROTH account and transfer $5000 to it (today or any day before April 18, 2017) for 2016.
Then repeat the process for 2017 (today or any day before April 16, 2018).

Then every January contribute the max allowable.

Every non income-earning spouse should be doing this every year!

This just makes good financial sense (no judgment about marriage necessary).

Not everyone has that kind of money.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:What would be the goal of the retirement savings on your own? Is your DH's 5M not enough?

Isn't OP already retired?

OP here. When I mention going back to work, DH always tells me that I should consider myself retired.

Wow OP. How does this make you feel?

FWIW, I've been a SAHM for the past 16 years and have no plans to re-enter the workforce for another ten years or so. My husband would support me going back to work and wouldn't dismiss my goals or desires.

Sounds very inconsistent. Your husband wouldn't dismiss your goals or desires and would support you, but yet he was caught cheating on you. Open your eyes. You are replaceable.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:What would be the goal of the retirement savings on your own? Is your DH's 5M not enough?

Isn't OP already retired?

OP here. When I mention going back to work, DH always tells me that I should consider myself retired.

Wow OP. How does this make you feel?

FWIW, I've been a SAHM for the past 16 years and have no plans to re-enter the workforce for another ten years or so. My husband would support me going back to work and wouldn't dismiss my goals or desires.

OP here. I think he is half joking but totally serious at the same time. We have 3 young children. I will reevaluate when youngest starts preschool.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:OP: I assume your 401k is rolled over to an IRA at place like Fidelity or Vanguard.

Wherever, go to their website.
Transfer $10,000 to your IRA account (from one of your joint accounts) and click "make a ROTH contribution for 2016".
Open a ROTH account and transfer $5000 to it (today or any day before April 18, 2017) for 2016.
Then repeat the process for 2017 (today or any day before April 16, 2018).

Then every January contribute the max allowable.

Every non income-earning spouse should be doing this every year!

This just makes good financial sense (no judgment about marriage necessary).

OP here. I just kept it at my old company 401k (American Funds) as I have been satisfied with my returns. I do not have a ROTH IRA. I will look into that and definitely start making contributions. Is there a max?

I know DH maxes everything he can for his retirement. I would like to start doing the same. I don't think he would have any problem putting in small (5k) or maybe even large (100k) amounts of money into my retirement. I just never brought it up before.

$5500 max per year before age 50. Do it now for 2016 (and also 2017). It's very easy and in your case it seems like the logical next step of financial planning.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:OP: I assume your 401k is rolled over to an IRA at place like Fidelity or Vanguard.

Wherever, go to their website.
Transfer $10,000 to your IRA account (from one of your joint accounts) and click "make a ROTH contribution for 2016".
Open a ROTH account and transfer $5000 to it (today or any day before April 18, 2017) for 2016.
Then repeat the process for 2017 (today or any day before April 16, 2018).

Then every January contribute the max allowable.

Every non income-earning spouse should be doing this every year!

This just makes good financial sense (no judgment about marriage necessary).

Not everyone has that kind of money.

Obviously, if you don't have $5,500 then this plan won't work for you.

[Anonymous]

Anonymous wrote:It's called marriage everything is ours. Idiots

"Idiots" is a harsh term. But this thread is reflective of why the divorce rate is so ridiculously high. I am the PP married for just over 30 years. Everything is joint. Divorce is not something we have ever even considered. Could it happen? Sure. An asteroid could also hit my house but I don't sit around preparing for it.

We tend to manifest exactly what we focus on. I believe our thoughts create our reality. If you are giving attention to the possibility of divorce, you are literally setting the event into motion.

My marriage is strong. I love my DH and he loves me. We are happy. And we will always be together. Those are the types of affirmations I repeat every day.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:OP: I assume your 401k is rolled over to an IRA at place like Fidelity or Vanguard.

Wherever, go to their website.
Transfer $10,000 to your IRA account (from one of your joint accounts) and click "make a ROTH contribution for 2016".
Open a ROTH account and transfer $5000 to it (today or any day before April 18, 2017) for 2016.
Then repeat the process for 2017 (today or any day before April 16, 2018).

Then every January contribute the max allowable.

Every non income-earning spouse should be doing this every year!

This just makes good financial sense (no judgment about marriage necessary).

Not everyone has that kind of money.

Obviously, if you don't have $5,500 then this plan won't work for you.

OP here. I just moved over $11,000 to my IRA - $5500 for 2016 and $5500 for 2017. It's a start.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

but most of it is in DH's name or joint

Isn't the distinction REAL important?

Our cash ~$500k is joint. Houses are joint. DH has some brokerage, IRA and 401k that is in his name only. I think he has around 400k or so in those. Not really sure.

Typically, IRAs and 401ks are in single name only, with spouse being named the beneficiary (but anyone can be named beneficiary). If no named beneficiary, those assets go to the spouse. Typically.