Anyone sahm married to a self employed man?
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  1. #1
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    Default Anyone sahm married to a self employed man?

    I am new so forgive me if this is in the wrong section. My husband is a self employed house painter and we have NO retirement. Being self employed is making me nervous because we don't have a employer matched 401k or anything. I have been looking into our options but I am very confused on what is best to do. An SEP IRA, 401K or what? I am not sure if I will find anyone that can help but if anyone has any advice let me know. One thing I worry about a lot of investing our money into an SEP or some thing like that and losing our money in the stock market.

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    I sent you a private message. Click on notifications at the top of the page to read it. Thought I'd let you know because of you being new

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    Registered User lisaflex's Avatar
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    this would be better researched elsewhere. imho. we are both self employed. I will not send msg or post what we do or don't do, but, contact a FP in your area who can help. you will go further with that. again, mho.

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    All decent retirement plans will involve some risk and some investing. Yes, you can lose - but you also can't gain, even to keep up with inflation, without some risk.

    A good retirement plan hedges risk - riskiest when you're furthest from retirement, safest later on.

    Being self employed is great, though, because you aren't stuck in a 401K with a bad company. If there is matching by a company sometimes you are really restricted in what you can invest in - and that sometimes leaves no good options. If you are truly overwhelmed by it, you do need a professional or a good company to advise you. Good investment companies (like T Rowe Price, Vanguard, etc) have advisors.

    Dave Ramsey also suggests that if you hire a financial planner, only to get one that makes commission, not a flat rate. You want them to be invested with you - depending on you doing well.

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    Registered User khaski's Avatar
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    To be fair, a out of people working for someone else no longer get employee matches to their 401k. Hubby works for a company for his day job, and has a home business on top of it. We currently do not utilize his 401k at work as there is no match, but we do max out our Roths each year (and that's hard enough to get done for us, so we don't worry about the 401k, though we might if we had more income). Yes, I have one, too. I am 'self-employed' part time, but even before I went back to work in this capacity, I had my own Roth. Non-working spouses may have one. You don't HAVE to put all of your money in stocks in a Roth...you can do bonds, CDs, cash, whatever. But less risk=less returns. You can pick what you want based on your risk tolerance. I would investigate starting a Roth for each of you. Do you have any friends you know to be financially savvy who might guide you (in non-specific terms, as in, you don't have to disclose income figures if you don't wish to?). There ARE income limits on who can have a Roth, but I believe they're pretty high, so most will qualify.

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    I am self employed not hubby but wanted to say........we have a great CPA who advised us on what would be best for us to set up for me based on my small buisness..

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    Quote Originally Posted by khaski View Post
    There ARE income limits on who can have a Roth, but I believe they're pretty high, so most will qualify.
    Actually, the ROTH limits are quite low. If your total family income exceeds $191K for 2013 you do not qualify to contribute to a ROTH. That is not adjusted income, it's ALL income. But, you can do a backdoor ROTH quite easily. That is what my husband and I both do.

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    Registered User khaski's Avatar
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    Perhaps it's low compared to other options, but with a cap of $191k, many qualify. I think the majority of posters on here are not hitting that figure, even if two parties in the household work. To me, $191k is a lot! But I suppose it's all relative.

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    200k is about 4 times the median household income of 52 K USD for 2013.
    Only less than 5% of the people has more than 190K household income.
    Yes, my source is wikipedia so maybe the numbers are a bit different in reality, but it gives an idea.

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    I forgot i posted this. Thank you for your insight. I am thinking we will ask our tax lady to help us out. She is amazing and i trust her 100 percent, maybe she can refer me to a good CPA even.

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    My husband is way older than me so he has life insurance and we just put away $500 a month away into a savings account.
    He isn't self employed but I still think just putting money away is the best thing.

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    We are in the same boat, sister. No retirement. Several years ago, when my husband had a really good year, we bought a rental house. We have been trying to pay it off quickly so that all income in profit. We kinda view that house as a retirement plan.

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