Hello I'm new to this forum and I'm in need for some good advice.
I'm 23 and I would like to get started on my retirement savings. Because I know the younger you start the better. Well, my husband is 32 and he already has a Roth IRA and a 401 K and when I told him I wanted to open my own Roth IRA he didn't really think it was a good idea. His reasoning is that if we just put all of our savings into his retirement accounts we will be able to have all of our retirement money when it's time for him to retire -which will be 9 years earlier than my retirement. That sounds like a good point to me but I'm wondering what if something happens to him? He said that I would get the money that's in his retirement accounts but doesn't that hurt any investment plans if it get cashed out early?
Anyway I think my husband feels as if I'm doing this because I don't really trust him and don't think our marriage will last. It's not like that at all though. I love my husband and trust him 100% I just don't want to be caught in the rain. And I think the smartest thing for us would be to both have our individual retirement plans.
I just would like to hear what married couples usually do? Is it common to just have one partner with a retirement plan where both people put their savings. (BTW I know the Roth IRA is not a joint retirement plan) Would that even be smart? Why or why not? Are there any joint retirement plans out there? And why should or shouldn't I have my own retirement plan.
If somebody could explain this to us I would really be grateful!
Thank you in advance for your time and advice!
I'm 23 and I would like to get started on my retirement savings. Because I know the younger you start the better. Well, my husband is 32 and he already has a Roth IRA and a 401 K and when I told him I wanted to open my own Roth IRA he didn't really think it was a good idea. His reasoning is that if we just put all of our savings into his retirement accounts we will be able to have all of our retirement money when it's time for him to retire -which will be 9 years earlier than my retirement. That sounds like a good point to me but I'm wondering what if something happens to him? He said that I would get the money that's in his retirement accounts but doesn't that hurt any investment plans if it get cashed out early?
Anyway I think my husband feels as if I'm doing this because I don't really trust him and don't think our marriage will last. It's not like that at all though. I love my husband and trust him 100% I just don't want to be caught in the rain. And I think the smartest thing for us would be to both have our individual retirement plans.
I just would like to hear what married couples usually do? Is it common to just have one partner with a retirement plan where both people put their savings. (BTW I know the Roth IRA is not a joint retirement plan) Would that even be smart? Why or why not? Are there any joint retirement plans out there? And why should or shouldn't I have my own retirement plan.
If somebody could explain this to us I would really be grateful!
Thank you in advance for your time and advice!