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Non Working Parents and Retirement
Asked by M.L. from Houston
on March 28, 2012
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So, having recently finished the taxes... I know there are tax breaks and such on having certain retirement funds. The one my husband has doesn't work this way. But I ...
Answers
- Yes, you should be planning for your retirement. I would suggest meeting with a financial advisor to determine how much you need to be putting aside to prepare for you...
- Yes it is important for SAHM and dads to be contrubuting to retirement funds. What you put in depends on your financial status and what you can afford. There are t...
- Absolutely! We do it. My DH has a 401K at work AND we put into a Roth IRA for him (Not tax free now, but tax free when we draw on it) and a traditional IRA for me. We ...
Money for Retirement Account
Asked by O.L. from Los Angeles
on December 30, 2011
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Hi, just wondering what a reasonable amount of money is to put into one's retirement account? What type of account do you put it in?
Answers
- I agree with the answers below, especially about needing to personalize your own situation with regard to your current income level, your spending habits, your current...
- I think you need to talk to a trusted financial consultant so you can figure out how much is right for you to be investing. Everybody is different. As for us, we...
- Shannon's advice to check out Dave Ramsey's program is a great idea; Clark Howard also has several books on financial 'smarts'. Like many of the other moms mentioned:...
College Saving Funds
Asked by M.T. from Minneapolis
on December 11, 2010
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Hi, not that just saving for retirement is hard enough, I realize that we need to start saving for my son's college (he's 14 months now). How do you save for your chi...
Answers
- My husband and I both graduated college with a fair amount of debt and are working to pay that off, as well as pay our mortgage, car payment, and save for retirement. ...
- 529 is the way to go. Talk to a financial planner about the options out there. You can use any state's plan...whatever is doing best. AND there comes a point where...
- You don't need to pay a financial planner to learn about a 529 plan. It is set up like an IRA, so you can talk to your personal banker. I work in banking and we have...
Budget on the One Who Makes the Least
Asked by H.J. from Minneapolis
on September 22, 2011
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Many years ago someone told me something that has made a great inpact on my life. "Budget on the one who makes the least" Or if one does not work in the household then...
Answers
- No. Where I live, budgeting on the one of us who makes the least would literally mean having 6 people live in a one bedroom apartment driving one car and the other one...
- We do the same thing. Careful planning and major budgeting. I feel like you are much more at peace when there is not mountains of DEBT weighing you down.
- sort of. My husband has two jobs and I never know how much is paycheck is going to be from the second job (it is a small part time job and can range from $100 to $300)...
529 Plans
Asked by R.H. from San Diego
on June 5, 2008
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Hi there, I am wondering if anyone has looked into starting a 529 account for their child's college savings. Since each state offers their own plan, the options seem e...
Answers
- We opened 529 plans for our sons with Utah (Utah Educational Savings Plan). Since there is no tax benefit to opening a 529 in California, we looked out of state. The U...
- Hi. The 529s are fairly easy to deal with especially if you do it online. I get intimidated by long-term/investment/financial stuff but even I could handle this. If yo...
- A good friend of mine passed this info along to me a while ago. We haven't set it up yet but plan to - it sounds like a great way to go. It's called "CollegeBou...
Body!!!
Asked by E.L. from Chicago
on February 14, 2012
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Ok, I'm gonna put this out there....in the past we've always gone to an accountant for our taxes but returns haven't been oh so great in that last couple of years so w...
Answers
- My husband has used turbo tax for years, and recently has switched to H&R Block software because it was on sale. He compared a co-worker's return (she had it done by ...
- Doing your taxes yourself isn't a big deal! YOu can use a free service like taxact.com and it walks you through the process and even files the federal return for free.
- We do ours by ourself. So easy. Turbo Tax walks you through every step, you can't go wrong!
What Exactly Is a 401K?
Asked by D.F. from New York
on December 18, 2010
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My husbands job is pushing him in to signing up towards the 401k plan. What exactly is it? Is it worth signing up for?
Answers
- I agree that it is worth signing up for. A 401k plan is a retirement account that you deposit pre-tax money into. Since your contributions are pre-tax, it may actual...
- Hi D., It is a tax deferred investment plan. You put in a percentage of salary now, and it is taken out of the paycheck before taxes, thereby lowering the taxable inc...
- YES -it's worth signing up for, particularly if you don't already have some guaranteed retirement accounts. A 401K is a retirement savings plan and most companies m...
Health Savings Accounts (HSA)
Asked by C.M. from St. Louis
on September 29, 2010
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My husband's job is going to a new health insurance that uses Health Savings Accounts. My husband and I are fairly healthy - I go to the doctor usually 1x a year (annu...
Answers
- I have NEVER heard of an HSA which allowed you to roll over the money YOU contributed from year to year. Every single one has been a "use it or lose it" situation. ...
- We don't have money taken out of hubby's paycheck. We set up the account with a bank, and when we need more, we put more in the account. It's hard for us to know how m...
- An HSA does roll over what does not rollover is a flex plan which is a use it or lose it plan. The good thing about an HSA is it works more like an IRA the funds will...
Taxes Are DONE... Really J., What Took You So Long.
Asked by J.B. from Houston
on February 16, 2012
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1. are yours done, yet to be mailed?
2. have you not even started?
3. have you already got your return?
4. have you already spent your return?
5. do you owe? (you ...
Answers
- Mine is basically done, but since I owe (and don't have the money right now), I'll wait until April to file.
- Ours are not done. My teenage daughter cleaned one day (I know - and yes the hallelujiah choir did break out in chorus from heaven) and we suspect she threw out a 109...
- I second what Cheryl said...I am self employed so always wait til the last minute to file, but this year, we needed the return AND are planning a vaca this summer, but...
Hard Working Husband
Asked by L.P. from Chicago
on February 23, 2010
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My husband has been working really hard at work lately. He doesn't love his job and the people can be very frustrating. There is not much organization so it's hard to ...
Answers
- I'm with the other ladies! I say make a "dad night!" All the suggestions...rolled in one! If you have any decorations laying around...they don't even have to match...h...
- Bake him a cake make some cookies, Back rub like the other....Nice Meal, coupons good for one............Whatever or. Just a great big hug and kiss and I love you.......
- How about making him a stress/relax kit? Get a box or bag, put the following items in it. - a coupon for sleeping in - a bottle of his favorite drink - a ba...
