Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Interesting how in most cases here - the DHs have a lot more than the DWs. Are the DHs earning that much more? Or are the DHs maxing out while the DWs are responsible for additional bills like childcare?

I noticed that, too. The question was individually and many answered for their DH's. I'm not even seeing mention of IRAs for those who SAH.

The answer is obvious, wives are generally younger than husbands so they've less saved. And wives tend to be the ones leaving the workforce to care for kids. It's no an evil misogynous conspiracy.

Right? Doesnt take rocket science to figure out.

I fall into this exact scenario yiu outline. I'm younger than my DH and took a few years off work when our kids were little. It's NBD, I'm not a "victim" of the evil white man. Years later our combined retirement has us ontrack for a very comfortable retirement.

Anonymous wrote:Age 40 and just broke 600k in my tsp.

What are your allocations within TSP?

Anonymous wrote:

Anonymous wrote:Interesting how in most cases here - the DHs have a lot more than the DWs. Are the DHs earning that much more? Or are the DHs maxing out while the DWs are responsible for additional bills like childcare?

I noticed that, too. The question was individually and many answered for their DH's. I'm not even seeing mention of IRAs for those who SAH.

The answer is obvious, wives are generally younger than husbands so they've less saved. And wives tend to be the ones leaving the workforce to care for kids. It's no an evil misogynous conspiracy.

When I turned 40 we hit 1M combined. Now 43 and it has reached 1.49M. We haven't been able to contribute since last summer bc of nanny costs (ending this fall). DH still gets 16% of salary put away in retirement. Once I start up again we should be saving $74800 a yr. combined in our retirement accounts.

Anonymous wrote:When we were about 40, my husband and I had $325K between us in retirement accounts (401k+IRA). We are now about 50 and we have $1.2M in those same accounts with only one of us working (so only one of us is contributing to a 401k, although with a very generous match).

Wow! Thisnis inspiring. I feel like we are behind. We are 40 and have ~500k (and this is due to 16% in returns in 2016...huge boost!). Only in the last few years have we been able to both contribute the full 18k each and do the 11k annually in IRA. We also both get an approx 10k each employer match so a total of 67k retirement contributions a year. If we track similar to yiu, but the two incomes and the two emoloyer matches, maybe we'll be a 3M by 50

Anonymous wrote:

Anonymous wrote:When we were about 40, my husband and I had $325K between us in retirement accounts (401k+IRA). We are now about 50 and we have $1.2M in those same accounts with only one of us working (so only one of us is contributing to a 401k, although with a very generous match).

How generous is the match? I'm the PP with 50k a year going into my 401k/pension and hoping it catches me up. Given irs rules I assume your husband isn't putting more than 54k into the 401k

I haven't contributed to my 401k since I was 40 in 2007 (stopped working full-time). My husband has contributed the max during those 10 years which was about $18K each year (a bit less in earlier years, I think). For most of that time his company matched 50%, so they put in $9K each year, so $27K contribution each year. He turned 50 in 2015 so he has put in $24K for the past 2 years, again with a match of $9K (they do not match catch-up contributions). We have also each put in $5500 into our IRAs every year, with my husband putting in $6500 since 2015. We haven't made this year's contribution yet, and I turn 50 this year, so will start putting in $6500 each year. Hope that helps.

Anonymous wrote:When we were about 40, my husband and I had $325K between us in retirement accounts (401k+IRA). We are now about 50 and we have $1.2M in those same accounts with only one of us working (so only one of us is contributing to a 401k, although with a very generous match).

How generous is the match? I'm the PP with 50k a year going into my 401k/pension and hoping it catches me up. Given irs rules I assume your husband isn't putting more than 54k into the 401k

32 (me) - 100K
37 (husband) - 380K

$120K in savings, will probably start investing some of that soon
$5000 in 529 but child just turned 1

When we were about 40, my husband and I had $325K between us in retirement accounts (401k+IRA). We are now about 50 and we have $1.2M in those same accounts with only one of us working (so only one of us is contributing to a 401k, although with a very generous match).

I am 40 with $280 in my 401(k). DH has nothing.

37 - combined about 1.1M in 401ks.

I'm 39 - DW and I have about 800k combined in various 401ks. We have both been maxing out since our early/mid 20s.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:What is a backdoor Roth as opposed to a Roth? This is post-tax, and limit is $5,500/year?

There are income limits to contributing to a Roth IRA. If your income exceeds that limit, you can contribute to a regular IRA, then convert it to a Roth, perfectly legally. It's a way of getting to a Roth through the "backdoor," since you can't just contribute up front.

So do you keep opening new IRA's every year?

This is google-able, but short answer: no, because the first time you convert you have to convert your entire IRA portfolio to Roth, including any rollovers you have from previous jobs. You're taxed on any gains you've made (not contibutions), so most people roll any existing IRA's into their current 401k/TSP/what-have-you so that the tax basis will be lower, and only on the first 5500 you plan to convert. Then you put 5500 in a traditional the next year and roll it into your existing Roth. You end up with one traditional IRA account that's empty 355 days out of the year, and one Roth account that you convert new contributions into.

Anonymous wrote:

Anonymous wrote:What is a backdoor Roth as opposed to a Roth? This is post-tax, and limit is $5,500/year?

There are income limits to contributing to a Roth IRA. If your income exceeds that limit, you can contribute to a regular IRA, then convert it to a Roth, perfectly legally. It's a way of getting to a Roth through the "backdoor," since you can't just contribute up front.

So do you keep opening new IRA's every year?

Anonymous wrote:What is a backdoor Roth as opposed to a Roth? This is post-tax, and limit is $5,500/year?

There are income limits to contributing to a Roth IRA. If your income exceeds that limit, you can contribute to a regular IRA, then convert it to a Roth, perfectly legally. It's a way of getting to a Roth through the "backdoor," since you can't just contribute up front.