What is the best way to save for retirement if I am a stay at home mom. What is a spousal IRA? - best retirement
I continue my work at home with my daughter. But I returned to work for one day and my 401K money continue saving for retirement during this period. What is the best option?
Best Retirement What Is The Best Way To Save For Retirement If I Am A Stay At Home Mom. What Is A Spousal IRA?
2 comments:
WRT your 401K
You can keep the 401K if you're happy where you are (and if your former plan will allow you to keep in position). But if the plan is charging fees of more than $ 30 per year, or management fees of mutual funds of more than 1.5% * not * be happy where he is. Note that you must 401K plans higher prices for the former employer free of charge for current employees and therefore should review their statements.
Another possibility is to extend in a rollover IRA. The tax treatment of 401k and IRA rollover is almost identical. If you want to move money to register only sign with a major brokerage firms such as Fidelity, Vanguard, Schwab, or a bank account and ask to have all the old administrator account. You will * not * the old manager to provide you with a check.
The third option is to close your 401k to take the money and spend it. ** ** Not done. You need to pay a fine and have no money for their retirement.
WRT the future
You can add new money to contribute to an IRA (even if you do notTurnover this year), the salary of her husband to - what is a marriage IRA. Wow, there is still time to make a contribution for the year 2007 for an IRA for you.
One feature of the tax law - even if your husband has a 401K at work and done too much to make a deductible contribution to a traditional IRA, can contribute to a Roth IRA, and * that * can make a deductible amount of their own traditional IRA - which are deducted from your total income. He seemed a little strange when I saw this - you can deduct a contribution of a spouse, even if they are not paid to work without paying.
If your husband is working, his income can be used to both your retirement account and his own funds (a marriage is an IRA funded in his name, but from the proceeds).
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