IRA questions

[tink20]

I was thinking about opening an IRA for myself. I am a SAHM, so I have no retirement like DH does. He has a pension and 401K, but I don't know what that means for me. He is 7 years older than me, so I am just wondering how this will all work. My dad retired a few years ago, and he is two years older than my mother, and she couldn't get her Medicare until two years after him. This is all just so confusing to me. I really want to start planning now, before its too late. I was looking at ING, or should I just go to my bank? How does an IRA work? TIA

 

[Swimalie]

You sound similar to me. I'm a stay at home mom and my husband is 7 years older than me. The only difference is that I've had a Roth IRA since I was 25 (so 15 years). You'll probably want to look at Roth IRA that you can put in post-tax dollars and when you take out the money, it won't be taxed. It depends on your husband's salary, though. And there is a cap of $4000 per person per year, I believe. I have mine through Vanguard.

 

[leight]

google IRAs and you'll get a font of info from fund companies. You can also go to your bank if you want an IRA CD or look for no load mutual fund companies online.

In most situations, if you are under 50 you can put away up to 5k ,over 50 its 6k-your dh's earned income becomes yours if you file jointly and there are a few criteria you want to consider. Talk to your tax advisor to see if a roth or traditional ira makes the most sense. Also, most mutual fund companies have people to answer the questions that you have, so go ahead and give one a call. Good idea thinking ahead.