how to save for retirement when you are a stay to home mom?

**homemaker66** · 09-26-2011, 07:28 AM

I was wondering how do you save for your retirement? I have a ING account and a IRA. I am not good about puting money into my IRA at all. I work part time just to get me out of the house for a little while and this gives us our play money. I have often thought of going to work full time since all of the children are grown and gone but my heart is still in my home. This is my job for ever and always of being stay to home housewife.

**nuisance26** · 09-26-2011, 08:00 AM

~Do you only have your income or does your spouse work? Do you have any retirement savings at all?
Your post reminds me of the story of the ant and the grasshopper. You say you work enough to have play money. So you you have enough extra money to save but you're using it for play instead.
You will not have what you need when you need it if you fail to save now.~

**Telephus44** · 09-26-2011, 09:07 AM

Are you looking for advice on specific investment types (IRA's, etc.) or just general advice on where to find the money to save?

**homemaker66** · 09-26-2011, 10:02 AM

I guess my question was to be. What does everyone else do for retirement when they are a stay to home wife. We do put away 20% away for retirement each week into an ING account. My DH has 401 plus and pension plan.

**Lindsey** · 09-26-2011, 05:17 PM

We do 15% every month, plus bonuses and some of the tax return. He has his own accounts (that I manage) and I have mine. We split the money right down the middle.

**khaski** · 09-26-2011, 08:08 PM

Look into roth Ira's....stay at hme moms can have them too!

**thefrug** · 09-27-2011, 06:48 AM

So, when you retire, you stop doing the job that you've been doing for 30-40 years right? So when you retire ( being a homemaker), who's gonna do the cooking and cleaning and grocery shopping, and bill paying and watching of the grandbabies and dealing with repairs around the house, and everything else a homemaker does on a daily basis? And if it's still gonnna be you, then when exactly are you gonna retire?

I'm asking because IMO, homemakers never get to retire. Hell, vacations for me has to mean surgery of some kind!!
I'll be "working" until the day that I die

**homemaker66** · 09-27-2011, 07:09 AM

So true thefrug a homemaker never get to "retire". I like to hear from others to see how they handle their feature. Thank you.

**Lady_V** · 09-27-2011, 07:46 AM

I had been thinking about what happens when/if he retires. We live off one income now, and with my health issues, he will be the only one with an income in the future.

Right now we put 3% of his check in to his 401k (company matches... I know it's not aggressive enough, but he just turned 34 a few months ago and we are trying to get to 0 debt before we increase).

We are hoping to reach "retirement number" plus half. Last number was 10% income, so we would go for 15%. If it went to 15% then we would try for 22.5%. Of course we will eventually reach a limit of how much we can tuck away comfortably.

OldMan and I are not married. We are going to be talking to the Financial Planner about a JTWROS.

**BeachFun** · 09-27-2011, 07:47 AM

I am no where near retirement age, however, I feel compelled to comment on the comment that a homemaker never retires. My mother was always a stay at home mother and wife. When my father retired he started to help some around the house (dishes, laundry, helping to prepare some meals), which was previously all on her. This allows my mother some extra free time to pursue her interest. So while there is no true retirement for a homemaker, isn't it about working together so you are both able to go and do the things that you enjoy.

By the way, we currently are saving 10% in a 401K towards retirement. Hopefully we will be able to increase this when I return to work (currently a full-time student) and my children are out of school.

**thefrug** · 09-27-2011, 01:36 PM

With the economy as uncertain as it is now and in the future, I seriously doubt that the majority of folks will be able to retire.
I will be surprised if SS is still there when me and hubby are at the age to recieve it ( 54/56). Like I said, we'll be working until we die. We've come to realize this. There is no "dream" of retirement for most people anymore. The politicians have seen to that. They've got theirs sewn up so the hell with the rest of us. You watch.

**homemaker66** · 09-28-2011, 06:24 AM

Thank you to the great comments. My DH and I have a few more years before we make any choice of retire or not. I dont trust the stock market at all so I guess I am going to stick to my ING account I know it is a slow way to save but the tortius always wins over the hare rabbit (roth).

**ncarr** · 10-01-2011, 12:23 PM

I put a little over 10% of my income into a roth. I also contribute 3% to my employer's retirement account that I receive a 3% matching contribution for.

**Telephus44** · 10-01-2011, 12:53 PM

What kind of account do you have at ING? It is an IRA account or just a savings account? Just because you have an IRA doesn't mean it has to be in the stock market. You could have it invested in bonds, government CDs, money market funds, or something with less risk than the stock market.

I am not a SAHM, but I would definitely have a spousal IRA set up if I was.

I would also save more aggressively, since without the second income, there are fewer options when you do finally retire. It's not like one of you could keep working to support the other.