Hello, this is my first post on this website after many months of lurking. I am 33 years old, work for corporate America, married and have a 5 year old child. My husband is 7 years older than I and he started saving much later than I did. It wasn't until we got married and I took over the finances that he actually set up his retirement account (10 years ago). We are both on the right track to a comfortable retirement (probably not early though) assuming that we continue to have good health and work-full time until we retire (life can throw you off sometimes).
We both contribute to our 401ks to the max, plus we get a nice match from both of our companies. We also have pensions, and just started to contribute to our Roth IRAs this year and hoping to maximize the limit from here on (border line of not qualifying... after that we will switch to traditional ira).
While reading posts on how much people have in retirement assets I noticed that it is always mentioned the household COMBINED value, not individual. Why is that? just curious..... I am the primary financial manager in our house and I always look and count our assets individually. I am looking to reach a goal of $1M when I turn 45 but never thought of looking to see when we will both reach that $1M mark. Though we are married and we combine our finances for household expenses, our retirement accounts are separate and by the time we retire we will most likely retire at different ages: 60 for me and 62/65 for him. Well who knows really how long it will be..... we really do not have any major plans on what we would like to do when we retire. We enjoy our jobs now and we enjoy our life as we have it now so our current life is not a burden at all.
We both contribute to our 401ks to the max, plus we get a nice match from both of our companies. We also have pensions, and just started to contribute to our Roth IRAs this year and hoping to maximize the limit from here on (border line of not qualifying... after that we will switch to traditional ira).
While reading posts on how much people have in retirement assets I noticed that it is always mentioned the household COMBINED value, not individual. Why is that? just curious..... I am the primary financial manager in our house and I always look and count our assets individually. I am looking to reach a goal of $1M when I turn 45 but never thought of looking to see when we will both reach that $1M mark. Though we are married and we combine our finances for household expenses, our retirement accounts are separate and by the time we retire we will most likely retire at different ages: 60 for me and 62/65 for him. Well who knows really how long it will be..... we really do not have any major plans on what we would like to do when we retire. We enjoy our jobs now and we enjoy our life as we have it now so our current life is not a burden at all.