How Should We Set Up Our Retirement Accounts?

Ramsey Everyday Millionaires

Ramsey Network

Careers, Investing, Business

4.6 • 3.6K Ratings

🗓️ 12 December 2022

⏱️ 4 minutes

🔗️ Recording | iTunes | RSS

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Listen to how ordinary people built extraordinary wealth - and how you can too. You’ll learn how millionaires live on less than they make, avoid debt, invest, are disciplined and responsible! Featuring hosts from the Ramsey Network: Dave Ramsey, Ken Coleman, Rachel Cruze, John Delony, George Kamel, & Kristina Ellis. Learn more about your ad choices. https://www.megaphone.fm/adchoices Ramsey Solutions Privacy Policy

Transcript

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0:00.0	You're listening to Ramsey everyday millionaires where we talk retirement, building wealth,
0:10.5	and outrageous generosity.
0:12.4	Today's question goes from Ian and Florida asking for advice regarding retirement contributions.
0:20.1	I'm 27.
0:21.1	My wife is 26.
0:22.5	She's a recent stay at home mom.
0:24.3	She has about $35,000 in a Roth IRA.
0:33.9	We both max out our Roth IRAs each year, but I also contribute 10% of my income into
0:40.6	a Roth 401K at work, about 15% total income going into my retirement accounts.
0:48.6	My question is, should we be contributing more in a traditional IRA and her name
0:54.2	and less in my name?
0:56.1	Obviously the retirement is mostly now going to be in my name and not hers, and I feel
1:01.9	somewhat weird about this even though we are good financial partners.
1:06.0	What are your thoughts?
1:07.6	No, I wouldn't feel weird about that.
1:11.4	If most of it's going into your name, as long as you guys are investing 15% of your total
1:14.9	income, I don't really care where it goes.
1:17.9	It's just the importance of putting that money away for the future.
1:21.2	If it leans more into your investments versus hers, I'm fine with that.
1:29.2	Total of 15% of your household income should be going at baby step four, not more.
1:33.6	It sounds like you're doing more.
1:35.2	There's a lot of these.
	...

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