Hi Sarah, my husband and I are required. I was listening to you while fixing dinner and my husband heard you ask “what do you want to do for fun inretirement?” His answer “sleeping late is good!”
A little tip--something I didn't think about until my husband had his stroke at the age of 56. Be sure your retirement/savings assets are equally in each of your names. In the event one of you would have to go into a nursing home, depending on your state, you may be forced to liquidate any retirement/savings in the persons name first. So if you've put everything in your husband's name and he goes into a home, they are going to take all of that money, leaving you without anything (and vice versa). Jointly held will be liquidated by half. Check your state's laws, but after he was sick, I realized how much more my husband had, so I've been diligently working to make it a bit more even so neither of us are not left penniless if something were to happen.
Sara, I have tried to download your budget planner multiple times. I never see it in my inbox or spam folder. I would love to use it. I love your videos, Very educational. Thank you for taking time out of your day to help us all.
If you split up now your husband has all your money in his 401K. Usually you give out such great advice but you have put all your eggs in his basket. Every woman needs to look after her own finances as you can rarely rely on other people.
@@saraconklinfrozenpennies Yes, but you are in your fifties, you have so little time left to level up. You have put yourself in a precarious position whereas your husband is sitting pretty. Its worrying so many women end up stuck in this sort of financial position. Far too women in the UK, Australia, Canada and the US are alot worse off than men when they reach retirement. That's why younger generations are going childfree for instance as women take the lions share of responsibility and put their lives on hold to be a parent, not many men do that.
That actually happened to me. We had a small business and our accountant (male) suggested we pay two thirds of the income we were taking from the business to my husband in order to max out our Social Security. Well he left me for another woman at age 49. Although I sore I would never remarry, a few years later, I met a wonderful man who talked me into marrying him despite my reluctance. We had 33 wonderful years together, and luckily he had a pension, because I had very little SS. He passed away last year and I am finally getting my spousal benefits from my first husband. I only had to wait until I am 86! Protect yourself ladies. There is no man you can trust 100% with your finances.🙃
I think your husband has to have earned income. I guess you could hire him into your business or if you file jointly, maybe you could contribute to a spousal Roth. Those are the only two ways that I can think of. If you know of another way to fund your husband’s ROTH after he is retired, please let us know.
Hi Sarah, my husband and I are required. I was listening to you while fixing dinner and my husband heard you ask “what do you want to do for fun inretirement?”
His answer “sleeping late is good!”
Love that! Sleep is one of my favorite things!
A little tip--something I didn't think about until my husband had his stroke at the age of 56. Be sure your retirement/savings assets are equally in each of your names. In the event one of you would have to go into a nursing home, depending on your state, you may be forced to liquidate any retirement/savings in the persons name first. So if you've put everything in your husband's name and he goes into a home, they are going to take all of that money, leaving you without anything (and vice versa). Jointly held will be liquidated by half. Check your state's laws, but after he was sick, I realized how much more my husband had, so I've been diligently working to make it a bit more even so neither of us are not left penniless if something were to happen.
This is really great information. Thanks so much!
As someone who is in her 30s thank you for your insight and thank you everyone in the comments for the warnings and wise advice.
Sara, I have tried to download your budget planner multiple times. I never see it in my inbox or spam folder. I would love to use it. I love your videos, Very educational. Thank you for taking time out of your day to help us all.
If you could email me at sara@frozenpennies.com, I bet we can figure it out together!
I have the same problem. I never can find it in my downloads, documents, or spam folders either. 😞
@@debkincaid2891 please email me and I can give you some help sara@frozenpennies.com
Thank you for the great video.
Thanks for watching!
Hello, how would I print your budget planner? By the way, I love the podcast.
Happy to help. Email me sara@frozenpennies.com
If you split up now your husband has all your money in his 401K. Usually you give out such great advice but you have put all your eggs in his basket. Every woman needs to look after her own finances as you can rarely rely on other people.
I agree, if he goes off with another woman he has all her money!!!
Exactly. As the working partner he could have started an IRA for her years ago.
You are right about all the eggs in one basket. Which is what I’m changing now. Thanks for watching.
@@saraconklinfrozenpennies Yes, but you are in your fifties, you have so little time left to level up. You have put yourself in a precarious position whereas your husband is sitting pretty. Its worrying so many women end up stuck in this sort of financial position. Far too women in the UK, Australia, Canada and the US are alot worse off than men when they reach retirement. That's why younger generations are going childfree for instance as women take the lions share of responsibility and put their lives on hold to be a parent, not many men do that.
That actually happened to me. We had a small business and our accountant (male) suggested we pay two thirds of the income we were taking from the business to my husband in order to max out our Social Security. Well he left me for another woman at age 49. Although I sore I would never remarry, a few years later, I met a wonderful man who talked me into marrying him despite my reluctance. We had 33 wonderful years together, and luckily he had a pension, because I had very little SS. He passed away last year and I am finally getting my spousal benefits from my first husband. I only had to wait until I am 86! Protect yourself ladies. There is no man you can trust 100% with your finances.🙃
16:54 not where I live! Taxes are high, then you have all that upkeep.
Thats definitely something to take into consideration!
I think your husband has to have earned income. I guess you could hire him into your business or if you file jointly, maybe you could contribute to a spousal Roth. Those are the only two ways that I can think of. If you know of another way to fund your husband’s ROTH after he is retired, please let us know.
OH! Great ideas! Thanks!!
I am 56 years old live of pension rent government home debt and mortgage free fully funded 12 month emergencey fund
You are a ROCKSTAR!
frozen pennies? are you a Wealthy woman?
My heart and my spirit are rich and over flowing ♥️ Are you talking about all my money in the thumbnail? Spoiler allert - its fake!😂