Retirement savings?
I am 45, wife 38, she does not work. My job does not have 401K, but I contribute to Roth IRA and maximising it. The company has a Pension Plan where the company contributes. Is there any other Retirement plans where I can contribute more for both of us on a monthy basis?
Public Comments
- visit dave ramsey.com for some commonsense approach to retirement .
- your wife needs her own IRA.....open it up and start maximizing it.
- Are you maximizing a Roth IRA for your wife too? If not, that's a good place to start. After you maximize that, just put sock money away in a non-retirement account. While it doesn't have tax benefits of retirement savings, you can defer taxes on gains until you sell when you are in retirement. Plus, having the investments outside of a retirement account gives you liquidity to use to buy things before you retire.
- Spousal IRA for your wife. There are income limitations, check rules. You can still do 4K for 2007 until tax filing deadline. Contribution limits raised to 5K this year. You employer may also have a deferred compensation plan to go along with pension plan. Ask human resources for info.
