This is a question I have been dying to ask my stay at home mom friends, but I feel it might be too personal.

How do one income families handle saving for retirement? (Or just saving in general.) I work part-time (worked full-time for many years) and still keep my own 401K plan through work and IRAs separate from my DH. We do keep our bank accounts merged together. How does it work if there is only one income?

Edited to ask: Whose names do you have on the accounts? DH's only or both yours and his?

We are blessed by the fact that hubby has a job that pays pretty well. We set it up so that we take the max 15% out automatically, never see it and save that towards retirement. We are also currently looking into Roth IRAs.

Darlene

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Sell crazy some place else, we are all stocked up here.

We save from DH's income, putting as much into his 403b plan as we can, and then if we're able, funding our Roths. We fund them equally.

We don't see things as being "his" retirement accounts and "my" retirement accounts. It's for when "we" are retired.

I'd say we save about 15% or so of his salary. He doesn't make a huge amount of money, though he could were he with a different employer. We don't live frivilous lives, but we are debt-free and live within our means. There is nothing I really want that I couldn't obtain... but then again, I don't want a Jaguar or any such thing, so someone else might not be as at ease in my shoes.

I do work part-time from home, and when work comes my way, we tend to do special projects around the house with what I bring in. That, or go on a very nice vacation.

Hubby has a good job, and a good investment "head"... His is really good with finances... The kids each have a cd and savings account, they say they are saving for a car. They each have over $1000 in their accounts...

We have a medium house (1800 sq Ft) Two cars (05 and 06) one is paid for, the other the payment is under $250. We don't go out a lot, we don't rent or go to the movies, The kids are involved with a lot of sports and stuff like that and bills is where our money goes. Now if my hubby decided to go back to full time, we could afford to do things and go to movies or bowling on a more regular basis.

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I have had many 2 income families ask the same question...& I have had many couples who stated they didn't think they could do it.

We always had one checking with both of our names on it. When I babysitted I put all the money in our savings account.

As far savings when we was in the all mighty credit card debt we manage to put very little into our savings.. When we paid off the credit cards I got into the habit of laywaying things we didn't have the money for such as school clothes,B-days,Christmas & etc

When Dh was in the military thoses days were the hardest for us. When he made TSGT we said enough ...We made a allotment to our savings account ..... we increase the allotment every time he got the slighest amount of raise. Once we got of hold of his take home pay ...paid off the car & all credit cards. We starting saving atleast 50 percent of his paycheck ..

We have a 401k now plus a savings.. Regardless what your total income is .It is simple to put money aside it's how you manage your money. I have known a few couples who were in debt so high their wife had to work they couldn't quit their job...I know one who declared bankrupty because their wife lost their job.

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Angels may not come when you call them, but they'll always be there when you need them.

check out Dave Ramsey.

He talks a lot about eliminating your debt, but he's also a HUGE proponent of savings, Roth IRAs, etc.

Real Debt Help - Get out of debt with Dave Ramsey's Total Money Makeover Plan.

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Mental that one, I'm telling you. ---Ron Weasley, "Harry Potter and the Chamber of Secrets"

With my daughters (now 18 and 19) I got to stay at home till the youngest started kindergarten. Sure we were very tight with money, but it was all so worth it. Now at 39, I've been blessed with a beautiful baby boy. I am now divorced, and not working is just not even an option. My angel baby is almost 9 months, and so far I've successfully kept him out of daycare. Friends and family have all been taking turns, along with my daughters. He was a preemie, and I was so worried about him getting sick. He got his first cold at almost 8 months. I'm now considering daycare. But regardless, I could not have handed him over to a stranger when he was 6 weeks old, period. He's almost 9 months, and I'm thinking about it now. I just think it's so important for someone to have him that cares about him. There's nothing I wouldn't do to be at home with him, but it's just not possible. However much I make ( I'm a Registered Nurse) wouldn't matter if I could just be at home with him. But that's just me! Donna

OP - I'm reading this thread and since it wasn't asked of me, I did not respond. However, I am wondering if you are getting the answers that you were looking for?

Were you looking for suggestions from other SAHM on how they?:

1 - Find ways to set aside money for retirement on a single income and how much should be targeted?
2 - What retirement savings vehicles (401K, IRA, etc) are one-income families using?
3 - Are or should there be any retirement investment vehicles that may be held in the SAHM's name and are there any tax advantages for doing so?
4 - For "family" retirement funds, is the account held in the wage-earner's name or both? Or is the SAHM and/or children listed as the primary and secondary beneficiaries?

I bet that there's a lot of good information on these subjects to be had from this community of moms!

cj/

DH puts the max in his 401K at work and gets matching from his employer. That account is in his name only, but I am the beneficiary should anything happen to him. He also has another 401K from his previous employer that he will be rolling over to an IRA. I have a roll-over IRA from my 401K when I worked (before DS#1 was born). This is in my name only. I also have a traditional IRA in my name only which DH & I fund each year -- we try to contibute the tax free max, but some years it is a little less than that.

We also have regular savings accounts, Money Market, and numerous investments that are in both of our names. I am a SAHM and have been for the past 7 years.

You should always have some assets in your name. All of our stock accounts/mutual funds are in my name, mostly because I am the trader. Any mom should have an IRA or something for retirement even if you only put $50 a month in it out of your checking account.

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"A true friend is someone who thinks that you are a good egg even though he knows that you are slightly cracked." ~ Bernard Meltzer

My DH contributes a percentage of his income to his 401K. The company matches up to a certain percentage. It's in his name. DH also buys stock at a discount thru his company . I believe those are also in his name since he is the employee. We have a savings account that is joint. Basically, his 401K is going to be our retirement and the stock will hopefully help with the kids and college plus retirement. If we ever were to get divorced (which I can't imagine but I am a realist), we have both signed (and noterized) statement saying I get half the 401K and stock that was acquired during our marriage. That way I am not left with nothing. Although our lawyer (who did our will) says that since we have been married 10+ years it would be this way anyway generally, the paper helps.

I do have my business savings in my own name because my DH doesn't have anything to do with my business. I also have some of the business money invested as well as credit in my own name. You always want to be sure to manintain "your' identity without your spouse so if something were to happen, you aren't up the creek

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Proud to say I haven't shopped at a Wal-Mart since Sept 2003