olroadbeech
Happy Verified UPSer
depends on your age. we have 25% in International. 40 in s and p 500, some in a reit index fund , some in a precious metals fund , and some in bonds. we are retired.
401K Performance
- Thread starter Fred Forbush
- Start date
olroadbeech
Happy Verified UPSer
since my spouse did not work and i was under the income requirements for IRA , we were able to max out both our IRA's and the 401k every year.
It probably allowed me to retire 5 years earlier. Plus now we will have 4 potential sources of income. Pension, IRA, 401K , and Social Security. Have been retired for one year and all we need now is the pension.
Brownslave688
You want a toe? I can get you a toe.
He'd have to have some type earned income to contribute to an ira.
Jackburton
Gone Fish'n
He'd have to file a tax return for at least the amount he's investing into the IRA.
Brownslave688
You want a toe? I can get you a toe.
Now she'll come back and change her story.
olroadbeech
Happy Verified UPSer
It is OK for a non working spouse to have an IRA. If you are married , filing JOINTLY , and the working spouse has the "earned" income to cover the "spousal IRA contribution."
look it up.
look it up.
Last edited:
UpstateNYUPSer(Ret)
Well-Known Member
Did not know this----thanks for posting it.
Sorry to tell you, she is correct.
Brownslave688
You want a toe? I can get you a toe.
Yes I was very surprised because I know for a fact my uncle cannot open anything in my aunt name and she doesn't work. However after I got to thinking about it I think it's more income limits for them.
Jackburton
Gone Fish'n
Interesting, I didn't know that. I didn't think of that considering I contribute to my daughter's IRA, which she has to report at least that amount which I contribute to it.
The income limits still apply. But your spouse doesn't have to work in order to have an IRA. For years my wife never new she had one, because I never told her.
Does your daughter work?
Brownslave688
You want a toe? I can get you a toe.
Now would I ever do it? Hell no. My spouse can at least work enough to fund an IRA.
She wasn't working when I started it. Plus it is good future planning.
Jackburton
Gone Fish'n
Yes, she doesn't contribute the money herself, I manage her account with the money I put in. Her check gets divided down the middle, half for her to use, half to put into savings for college expenses.
Good job Dad.
