https://boards.hellobee.com/ Pregnancy, Baby and Parenting blog, by Hellobee en Tue, 23 Jun 2026 06:38:33 +0000 https://boards.hellobee.com/topic/sahp-what-do-you-do-for-retirement#post-1742137 Sun, 06 Jul 2014 20:28:42 +0000 littlek 1742137@https://boards.hellobee.com/ <p>@sunny: we won't have time to make any changes. :bummed: </p> <p>@yellowbird: thank you! </p> https://boards.hellobee.com/topic/sahp-what-do-you-do-for-retirement#post-1742135 Sun, 06 Jul 2014 20:23:55 +0000 sunny 1742135@https://boards.hellobee.com/ <p>Will you have 1 more paycheck you can use to contribute to your 401k? </p> <p>When I decided to quit, we maxed out my 401k as much as we could by setting my contribution to 75% of my income. However if you're quitting on Friday it may not be possible to get that done since it sometimes takes 1-2 pay periods to take effect. </p> https://boards.hellobee.com/topic/sahp-what-do-you-do-for-retirement#post-1742132 Sun, 06 Jul 2014 20:12:57 +0000 yellowbird 1742132@https://boards.hellobee.com/ <p>@littlek: I don't know anything about IRAs but I just wanted to wish you luck as a sahm!! Working is hard enough as it is and a company that has bad benefits just isn't worth it! Hopefully companies will start to realize good benefits attract good workers! </p> https://boards.hellobee.com/topic/sahp-what-do-you-do-for-retirement#post-1742115 Sun, 06 Jul 2014 19:54:18 +0000 littlek 1742115@https://boards.hellobee.com/ <p>@MamaMoose: My current company's benefit SUCK. No match and terrible maternity leave policy. </p> https://boards.hellobee.com/topic/sahp-what-do-you-do-for-retirement#post-1742112 Sun, 06 Jul 2014 19:52:30 +0000 immabeetoo 1742112@https://boards.hellobee.com/ <p>We max out an IRA (roth) each year for me. </p> https://boards.hellobee.com/topic/sahp-what-do-you-do-for-retirement#post-1742091 Sun, 06 Jul 2014 19:30:18 +0000 MamaMoose 1742091@https://boards.hellobee.com/ <p>@littlek: are you planning on doing anything on the side to earn some income? If so a SEP or a SIMPLE could possibly be options. But in most cases the best a SAHP is going to be able to do is contribute 5,500 of their spouse's earned income to a traditional or Roth IRA. Given that your husband is a high earner it's very possible that you will be eligible to contribute to a traditional IRA, but not allowed to deduct the contribution. Since I assume you'll at least consider rolling over your 401k into a traditional IRA be very careful to not commingle deductible and non deductible contributions because that makes for a nightmare when it comes time to take distributions. Honestly, the 401k and company match are a huge part of why I work. </p> https://boards.hellobee.com/topic/sahp-what-do-you-do-for-retirement#post-1742064 Sun, 06 Jul 2014 18:55:46 +0000 sunny 1742064@https://boards.hellobee.com/ <p>@littlek: edited!</p> <p>ok I think my comment before was wrong! :-) </p> https://boards.hellobee.com/topic/sahp-what-do-you-do-for-retirement#post-1742050 Sun, 06 Jul 2014 18:37:31 +0000 littlek 1742050@https://boards.hellobee.com/ <p>@sunny: this year I still have the contributions I made to 401k. I was thinking DH would contribute $5k a year on my benefit with his earned income. </p> https://boards.hellobee.com/topic/sahp-what-do-you-do-for-retirement#post-1742046 Sun, 06 Jul 2014 18:29:57 +0000 sunny 1742046@https://boards.hellobee.com/ <p>Removed wrong info here. :-)</p> <p>There is a back door way to contribute to a Roth if your income limit is too high. </p> https://boards.hellobee.com/topic/sahp-what-do-you-do-for-retirement#post-1741990 Sun, 06 Jul 2014 17:21:27 +0000 Woolly Mammoth 1741990@https://boards.hellobee.com/ <p>I have a Roth IRA </p> https://boards.hellobee.com/topic/sahp-what-do-you-do-for-retirement#post-1741970 Sun, 06 Jul 2014 16:46:33 +0000 Mrs. Jump Rope 1741970@https://boards.hellobee.com/ <p>@littlek: I have a simple plan. DH has a 401k and a thrift savings acct thru work. </p> https://boards.hellobee.com/topic/sahp-what-do-you-do-for-retirement#post-1741936 Sun, 06 Jul 2014 16:13:28 +0000 winniebee 1741936@https://boards.hellobee.com/ <p>I rolled over my old work 401k into a Merrill lynch IRA and will contribute max amt per year. DH has a 491k and will max it out. We just took a year off of investing Bc we were on one low salary but picking things up again in the fall. We are also going to meet with a financial advisor this fall and make a better overall financial plan. </p> https://boards.hellobee.com/topic/sahp-what-do-you-do-for-retirement#post-1741876 Sun, 06 Jul 2014 14:14:39 +0000 littlek 1741876@https://boards.hellobee.com/ <p>We don't qualify for Roth and DH maxes his 401k. Think only option for me is traditional IRA. </p> https://boards.hellobee.com/topic/sahp-what-do-you-do-for-retirement#post-1741839 Sun, 06 Jul 2014 13:40:28 +0000 sorrycharlie 1741839@https://boards.hellobee.com/ <p>I have no idea what the percentage is but DH has a 401k, a Roth IRA (I think) and maybe. 3rd thing?? I can't remember </p> https://boards.hellobee.com/topic/sahp-what-do-you-do-for-retirement#post-1741836 Sun, 06 Jul 2014 13:35:58 +0000 Mrs. Lion 1741836@https://boards.hellobee.com/ <p>Right now we put 15% of my husband's income (or our household income) in Roth IRAs. When our home is paid for we will max those out and then possibly save more in additional IRAs. I rolled my teaching pension into a traditional Ira so that I wouldn't have to pay the taxes up front since we didn't want to come up with a large chunk of change right now. </p> https://boards.hellobee.com/topic/sahp-what-do-you-do-for-retirement#post-1741826 Sun, 06 Jul 2014 13:27:36 +0000 littlek 1741826@https://boards.hellobee.com/ <p>I'm quitting work on Friday and trying to decide what to do about my retirement savings. I'm thinking about setting up IRA and donate max each year. Is that what other people do? DH has 401k at work. We both have pensions as well. </p> https://boards.hellobee.com/topic/retirement-savings-401k-and-ira#post-1210248 Tue, 12 Nov 2013 09:16:48 +0000 MsLipGloss 1210248@https://boards.hellobee.com/ <p>@MamaMoose: @sunny: Thank you lovelies so much for sharing. And yeah, I would not attempt any financial gymnastics without help! </p> https://boards.hellobee.com/topic/retirement-savings-401k-and-ira#post-1209706 Mon, 11 Nov 2013 21:07:38 +0000 BSB 1209706@https://boards.hellobee.com/ <p>Ok, I only have a 401k but I wish I had more in there. I was only putting about 4% of my income in there for the past 6 years that I've had a job. I know I can't contribute my own money to my 401k so I... 1) already increased my contributions and set an auto increase 2) plan to open up an IRA. </p> <p>But... That's all I know. </p> <p>As for traditional or Roth... I need to do some research. </p> https://boards.hellobee.com/topic/retirement-savings-401k-and-ira#post-1209643 Mon, 11 Nov 2013 20:20:49 +0000 littlek 1209643@https://boards.hellobee.com/ <p>@MamaMoose: okay.. I'm a CPA but I specialize in<br /> Corporations.. I'll see if I can find someone in my that can help.. :) </p> https://boards.hellobee.com/topic/retirement-savings-401k-and-ira#post-1209580 Mon, 11 Nov 2013 19:38:14 +0000 MamaMoose 1209580@https://boards.hellobee.com/ <p>@littlek: @MsLipGloss: .... @sunny: described exactly what I would suggest as a work around. But you DEFINITELY want to do this with the assistance of a financial advisor and a CPA </p> https://boards.hellobee.com/topic/retirement-savings-401k-and-ira#post-1209549 Mon, 11 Nov 2013 19:24:24 +0000 littlek 1209549@https://boards.hellobee.com/ <p>@MamaMoose: can you share with me too? </p> https://boards.hellobee.com/topic/retirement-savings-401k-and-ira#post-1209541 Mon, 11 Nov 2013 19:21:47 +0000 littlek 1209541@https://boards.hellobee.com/ <p>@MamaMoose: yes we don't qualify for Roth. </p> https://boards.hellobee.com/topic/retirement-savings-401k-and-ira#post-1209540 Mon, 11 Nov 2013 19:20:51 +0000 sunny 1209540@https://boards.hellobee.com/ <p>@MamaMoose: @MsLipGloss: If your income is too high to contribute to a Roth directly, you can still contribute via a "back door" method to a Roth though it isn't simple.</p> <p>Since anyone can contribute to a traditional IRA (though higher incomes cannot deduct taxes) and income limits for IRA conversions were removed, basically anyone can contribute to a traditional and then immediately covert to a Roth.</p> <p>However, there are tax implications. I found an article that explains it: <a href="http://www.forbes.com/sites/josephsteinberg/2012/12/12/warning-about-roth-ira-conversions-often-misunderstood-irs-rule-can-cost-you-money-and-aggravation/" rel="nofollow">http://www.forbes.com/sites/josephsteinberg/2012/12/12/warning-about-roth-ira-conversions-often-misunderstood-irs-rule-can-cost-you-money-and-aggravation/</a></p> <p>I suppose once you have maxed out your IRA and 401k you just start saving in a non tax advantaged account. </p> https://boards.hellobee.com/topic/retirement-savings-401k-and-ira#post-1209537 Mon, 11 Nov 2013 19:19:51 +0000 MamaMoose 1209537@https://boards.hellobee.com/ <p>@MsLipGloss: leaving for a dinner meeting. I'll text you tonight with some guidance. </p> https://boards.hellobee.com/topic/retirement-savings-401k-and-ira#post-1209514 Mon, 11 Nov 2013 19:11:26 +0000 MsLipGloss 1209514@https://boards.hellobee.com/ <p>@MamaMoose: what do you do when you can't contribute to an IRA/Roth IRA? just max out your 401k? That has been my plan for the last couple of years . . . </p> https://boards.hellobee.com/topic/retirement-savings-401k-and-ira#post-1209503 Mon, 11 Nov 2013 19:05:19 +0000 MamaMoose 1209503@https://boards.hellobee.com/ <p>@sunny: is exactly correct. </p> <p>However @littlek: forgive me for being presumptuous but from what I can tell you and your husband do pretty well financially. It's possible your income level is high enough that you are ineligible to contribute to a Roth. </p> https://boards.hellobee.com/topic/retirement-savings-401k-and-ira#post-1209492 Mon, 11 Nov 2013 18:53:47 +0000 Raindrop 1209492@https://boards.hellobee.com/ <p>@sunny: Ditto to what Sunny said. :) Sunny = One smart cookie... or sun in this case. :) </p> https://boards.hellobee.com/topic/retirement-savings-401k-and-ira#post-1209429 Mon, 11 Nov 2013 18:23:05 +0000 twodoghouse 1209429@https://boards.hellobee.com/ <p>We max out my husband's 401K and both our Roth IRAs. I'm in a branch of local government so I'm enrolled in a pension program instead of the traditional 401K. </p> https://boards.hellobee.com/topic/retirement-savings-401k-and-ira#post-1209402 Mon, 11 Nov 2013 18:05:31 +0000 Adira 1209402@https://boards.hellobee.com/ <p>We have both (traditional 401k and roth IRAs) and we max out both. </p> https://boards.hellobee.com/topic/retirement-savings-401k-and-ira#post-1209376 Mon, 11 Nov 2013 17:42:02 +0000 littlek 1209376@https://boards.hellobee.com/ <p>@Mrs. Lemon-Lime: we max out our 401k contributions each year </p>