sandra426
sandra426 t1_j2duh74 wrote
Reply to comment by DeluxeXL in Stay at home parent retirement planning? by flowerssmellnice
Thanks for the clarification!
sandra426 t1_j2dpwa9 wrote
Reply to comment by sandra426 in Stay at home parent retirement planning? by flowerssmellnice
And try not to think of the Roth IRA as joint. All IRAs are individual accounts.
sandra426 t1_j2dpr6e wrote
Reply to comment by flowerssmellnice in Stay at home parent retirement planning? by flowerssmellnice
My understanding is that he can max out his 401K or traditional IRA contribution and then you can each contribute $6000 for a total of $12K/year to a Roth IRA. BTW, if you were to split up, you would be entitled to half of his 401K earnings since you didn’t work during the marriage.
sandra426 t1_j2do4mt wrote
Contribute $500 per month or max $6000 per year to a Roth IRA. You can still contribute for 2022 until April 15, 2023. You can contribute to a Roth IRA under your husbands income. You cannot contribute to a traditional IRA because you yourself have no earned income. You can do this at a bank or online or at a financial advisement company. Rates will vary but are generally very low for this. You can also make an appt w a fiduciary advisor at a bank or elsewhere. This will be free.
sandra426 t1_j2e7rmz wrote
Reply to comment by bowoodchintz in Stay at home parent retirement planning? by flowerssmellnice
Got it. Will zip it. Thanks.