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re: Why don't more wives demand their own retirment account?
Posted on 7/21/17 at 7:16 pm to baldona
Posted on 7/21/17 at 7:16 pm to baldona
I work part time and am a wife/mother of 3. We each have retirement accounts although sad to say I'm financially stupid on that level of finances. I try to understand but my brain doesn't wrap around it. He's a good businessman/financially smart and I trust what he does. Some will call that dumb but it is what it is. We're doing quite well for ourselves and are on track to meet our retirement goals.
This post was edited on 7/21/17 at 7:18 pm
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Posted on 7/21/17 at 7:37 pm to Mingo Was His NameO
Your opinion is based on taking a statistic and saying all stay at home wives fit in that group.
My anecdotal evidence matters because it completely contradicts your guess/opinion.
There is no evidence to support your claim that all stay at home wives are not financially literate and completely dependent on the working husband. That is just an asinine assumption to make with no basis.
My anecdotal evidence matters because it completely contradicts your guess/opinion.
There is no evidence to support your claim that all stay at home wives are not financially literate and completely dependent on the working husband. That is just an asinine assumption to make with no basis.
Posted on 7/21/17 at 7:42 pm to EA6B
Correct. Filing jointly makes all income considered joint and allows you to open IRA for both spouses.
My wife has her old work 401k and a Roth we contribute to each month despite her not working.
My wife has her old work 401k and a Roth we contribute to each month despite her not working.
Posted on 7/21/17 at 7:58 pm to notsince98
quote:
Your opinion is based on taking a statistic and saying all stay at home wives fit in that group.
No my statistical evidence says that a large majority of the country is financially illiterate. By further deducing that evidence that really the only sector of the country that is financially literate as a whole are people with a background in accounting/finance of course not all but as a group most are). Now take the percentage of stay at home moms that have that background (which is going to be low because of their earning potential) and you can reasonably infer that most stay at home moms are not active investors.
I'm certaintly not saying that stay at home moms can't be active investors or know what they're doing. Or that they don't have a hard job for that matter, but I've provided reasonable evidence that most mothers that stay at home are not going to be savy in investing by statistics and using deductive reasoning.
You on the other hand said you know 25 women that are so I am completely wrong.
See the difference there.
Posted on 7/23/17 at 8:15 am to Mingo Was His NameO
quote:
No my statistical evidence says that a large majority of the country is financially illiterate
Basically half the country doesn't pay income taxes because of their income level, that's not who I'm talking about so come on. I'm not talking about Jim bob and sue ann in the trailer park getting divorced or someone in the hood, I'm talking about the top 40% or so of income earners who actually have a chance of retirement on their own without government assistance.
So yes, your statistics are off base completely for anyone that has a legit hope and want to retire.
Again, I'm talking about mostly the top 15-20% here. I'm talking about people worth millions in their 60s who divorce and the man has $2 mil plus in retirement, then they have something like another $1 mil net worth they share, and the women has virtually nothing in her own name.
It's crazy for these women to have to go back to working some assistant type of job for $10/ hour to scrape by until their divorce is final.
I just don't understand that? It's one thing to depend on one income for current income, but long term financial planning should include surviving without the other spouse which includes life insurance.
This post was edited on 7/23/17 at 8:17 am
Posted on 7/23/17 at 8:53 am to baldona
I see it all of the time. Always recommend our clients retitle assets into the name of the spouse or set up TIC joint accounts.
Posted on 7/23/17 at 12:18 pm to baldona
quote:if they were married to millionaires, they are entitled to half of what was earned during the marriage. After the divorce, they should have more than zero.
You hear about all these women married to millionaires with essentially 0 to their name at age 50+ when they are divorced
Posted on 7/24/17 at 12:10 pm to crazycubes
i manage my wife's retirement and max it out when I can. She really has had mostly shitty retirement accounts so we often didn't deposit anything. No match, shitty funds, etc.
I have about 5x more in retirement than her and it bothers here.
I have about 5x more in retirement than her and it bothers here.
Posted on 7/24/17 at 2:48 pm to crazycubes
quote:
if they were married to millionaires, they are entitled to half of what was earned during the marriage. After the divorce, they should have more than zero.
Yeah, and again like I've said over and over that's AFTER divorce. What made me start the thread, was about the story in the OT where the ladies husband was hiding money offshore from her. That's all fine and dandy to get "half" if the wife knows about 100% of it.
Furthermore as I've said, divorces take time. Tons of spouses have to scrape by until a divorce is finalized because they didn't set up their own account while they were married to survive for even 6 months without their husbands money.
Posted on 7/24/17 at 2:57 pm to baldona
quote:
Tons of spouses have to scrape by until a divorce is finalized because they didn't set up their own account while they were married to survive for even 6 months without their husbands money.
You are singing my song. I think all adult humans should have bank accounts & a little cash stashed, regardless of their gender or marital status. In the "married to a millionaire" relationships you describe, money is often the tool of attraction and control. We all know men who use money to catch a shallow spouse, and then use the flow of money to control their behavior and circumstances. Some of those who end up destitute on the cusp of divorce were married to the sort of spouses who handed them credit cards & happily paid the bills, but never-ever-ever shared any details of the business, portfolio, or true financial circumstances.
Not every marriage is an actual partnership, and for every greedy gold digger, there's a naive spouse who trusts that he/she is being treated fairly and thaat marriage is forever.
Parents of daughters, please teach them to be financially literate, to have their own funds, and not to confuse generosity of pocketbook with generosity of spirit or soul.
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