My husband he Debt-free (we both are). So there no debt for us to worry about.
His 401k and IRA retirement, he max out it out every year. So retirement savings is not a problem. He does have more than decent amount of savings for retirement.
You help gave me advice in my other thread regarding he work dangerous job.. Not everyone qualify, and not everyone want or willing to work the job he work, especially with nature of his job. On the good side is he does get pay decent. At the age 23 (he 31 now), he already make 100K a year.
I want to ask your insight on this, do you see the point of have two saving accounts? I ask because my husband has two (he has me as Joint on both saving accounts). I'm thinking of perhaps he should close one and just put all the money together in one saving account instead of two.
He has six-figures in his Savings. (Cash in his savings is what we will use to pay for the condo/townhouse for his mom). Or if she wants to rent a house near where her sister is, we be more than happy to pay monthly Rent for her.
Do you see the point of have two saving accounts? One should be good enough right?
There is no particular reason to have two savings accounts, but there is also no reason not to. Why does he have two accounts?
oh, and my other question. I know yearly my husband max out his retirement savings. I know the 401k and IRA are SEPARATE from Social Security taxes right?
I ask this because I see my husband paychecks (he gets pay weekly), and in his paychecks it automatically deduct for Social Security tax.
So when he retire, he can collect both--simultaneously both his Social Security retirement (the Social Security tax that deduct from his paychecks), AND his 401k and IRA right?
The IRA and 401k are his, he max it out every year. That is SEPARATE from the Social Security tax that deduct from his paycheck, so he should get BOTH simultaneously when he retire right? I'm a bit confuse on this, can you explain it to me? Thank you Sir.
He has me as the Primary beneficiary on both his 401k and IRA. And I do understand how 401k/IRA works, I just a bit confuse about the Social Security tax. He should be able to get BOTH when he retired right? I mean it his hard work money, it just it deducted out of his paychecks.
Yes, Social Security is separate from 401k/IRA money. Right now people can get payments from all of those different sources, although it is possible that some day the government will say "You have too much money and there are poor people who need that money more than you do, so we are going to reduce (or eliminate) your Social Security payment because we don't have enough money to pay everyone, even though it was their own money." No one knows when or if that will happen, but it is a possibility. I wouldn't let it stop me from saving as much as possible though, because your own money is still better than having to rely on the government.
oh, and one last question, if you can give me advice on this. What should I say next time if my husband ask me if I'm okay with him work holidays.. He always ask me if I'm okay with him work overtime or holidays, and I said I'm okay (because of the overtime pays, and the holiday pays). But perhaps next time he ask me if I'm okay with him work holidays, I should just not comment and say it up to him and let him chose?
He work a dangerous job, (but I know somebody has to do the damn job). On the bright side his pays is decent. And the company he work for do treats him well. The upper scale pay in his job is $30 an hour (factor also of California HCOL),
but due to he has years of experience (he got experience in his field since 23, he 31 now), due to his experience they pay him $35 an hour.
So his hourly pay is $35 an hour, and he DOES get pay overtime (1.5x more for overtime). So any hours he work after 40 hours, he get pays $52.5 an hour. A week he work 70 hours, so that 30 hours he work overtime over the 40 hours and he get pay $52.5 an hour for overtime.
So a week he make $2,975 a week. ($35 an hour x 40 hours = $1,400 ) + plus (overtime pay $52.5 an hour x 30 hours = $1,575 ) = equal to $2,975 a week.
And there 52 weeks in a year, he make 154K a year. (yes, we in the HCOL California. But we both are Debt-free, and we live BELOW our means.. And with his income, it still above the average household California income. With just him himself--one person income salary, I considered him doing well).
And not mentioned, he gets pay extra on the holidays too. Major holidays like Thanksgiving, Christmas, New Year's Day, Memorial Day, Labor Day, Independence Day. You know the major holidays.. No, Not Valentine's Day, that don't count as a major holiday, lol
When he work on holidays (which he does work on holidays), he get pays 'Double time and a half'. Take for example last Christmas (a major holiday) he work, he gets double and a half.
His hourly pay is $35 an hour. (On holiday, he get double and a half) 2.5x of $35 an hour, so he get pay $87.5 an hour.. And he work 12 hours. That come out $1,050 for that day alone. That is alot of money for one day work alone (ofcourse it holiday pay that it like that).
Giving the holidays pay like that, that was why when he asked me if I'm okay with him work holidays, I said I'm okay. I mean he work one day of holiday, and he gets pay $1,050 for that one day alone, that is alot of money (well, to me it is).
Work, yes?--I don't see why my husband shouldn't work holidays considering that pays? And right now we don't have kids yet (I haven't give him his baby wish yet), it just me and him and our little poodle.
And I'm a Stay at home Wife (this is the lifestyle he wants), we are not missing out time with each others. How can a Stay at home wife with no kids yet miss out time with their husband?
I would ABSOLUTELY tell him I want him to work on those major holidays! My wife is a nurse (retired now) and she told me that there was a lot of competition between nurses as to who could get holiday pay, even though in her case it was only 50% more, not 150% more as in your husband's case.
Here the thing about my husband. My husband he very important on me and him eating together and go to bed together. When he work nights, he wants me to sleep in the daytime with him.. Eating together is very important to him, go to bed at the same time and wake up at the same time is also equally very important to him.
He make it clear that he doesn't want me to even work part time, he said why do he wants his 'wife' to work? When he make enough for his wife to stay home. He said and asked that.
I guess to him, he takes pride in provide for me--being the one that brings in the income/money. I guess to him it like that, I dunno.
He work 70 hours a week (10-12 hours a day).. So a day he gone 12 hours at day at work, and after work he comes straight home; which leave him 12 hours home, eat sleep family time.
I know he very important on when he comes home from work; able to see me first thing, have me sit down on the dinner table eat with him, have me watch News with him, have me go to sleep at the same time with him.. Have me eat with him before he go to work an after he gets home from work. Go to sleep at the same time and wake up at the same time with him.
Which my husband has what he wants, and I'm sure it because this is the lifestyle he wants, therefore he make me a Stay at home Wife (yes, right now it a SAHWife, because I haven't give him his baby wish yet, so I'm not a mommy yet).
Married to him as his wife (Perhaps I married a traditional man?)--he make it very clear and adamant he doesn't want me to work, not even part time. He wants me to be a Stay at home Wife SAHW. And when I give him his baby wish, he wants me to continue to stay home, be a SAHM.. (He really want a baby to complete our little family. I just haven't give him a baby yet).
No, I'm not complaining that he work long hours. He does make decent money.. And here in the HCOL state California; have a DH that work long hours it very common, here every household there got to be one person who work their butt off just so their wife and kids can have a comfy life.
I'm not the only one with DH that work long hours. Plus I know there ladies out there who have DH that travel for work go on business trips for weeks to a month at a time. I know there ladies out there that have DH that in the military, facing deployment for months to a year at the time..
So I'm not complaining, I'm very grateful.. I have my husband home with me everyday, zero travel or deployment. I'm very grateful of my situation (despite he work long hours).
He home everyday. He work 10-12 hours and come straight home. Eat is we eat together. He sleep 6-7 hours and that 6-7 hours (regardless day or night) is I sleep with him. That leave us 5 hours of us time together do whatever we wish. I'm very grateful of my situation and for the time I have with my husband.
My sleep have been follow his sleep. When he sleep, that is when I sleep, lol.. When he work nights, he sleeps in the day, and he wants me to sleep in the day with him.
I know me being a SAHWife/SAHM is the lifestyle he adamant wants, like damn adamant wants. And I don't want to debate with him about this; we not starving, and he make a low six-figures income, and he Debt-free (we both are).. He not asking much, all he asked for is have have his wife eat with him and go to sleep at the same time with him. This guy pays for my everything, everything, supporting me from a to z. I'm a SAHW (not working, no income), it not too much for a husband to ask.
I know I'm not bringing in an income (since to he doesn't even want me to work part time). I told him if he needs me to work to help bring in income, he has to tell me so I can know. Everytime I said that to him, he call me silly. He still said he doesn't want me to work. He said why do he wants his 'wife' to work? When he make enough for his wife to stay home.. I don't know how to answer him when he said that everytime I asked, he very adamant on not want me to work.
I have my own car (bought this car way before I met him), I drive out whereever I want.. And I work before marriage, (a minimum wage job, but I work prior to marriage).
We have our own cars, he has his car, I have mine. I do drive around with my car go whereever I want to go, do whatever, drive whereever (just do it in the 12 hours he at work). Drive to Chinatown, go over to my BFF house (but my BFF best friend she married and has kids, I don't want to bother her), do whatever, there plenty of places to go around here in the very crowded state California, and we live right in the heart of the city too.. I do drive around, just in the daytime. Because when he go to work late at night like at 1AM at night, no way I go out or driving out at that time. This is basic common sense. I do go in the daytime.
But then when he work nights, he sleep in the day, and I have to sleep with him (okay, not have to. He prefers, and I want to too).
Because of the holidays pay, I want him to work holidays. It doesn't matter to him, if I want him work he work, if not he won't. Am I terrible for want my husband to work holidays? But consider the holiday pays (2.5x more each hour of his normal $35/hour pay). He works, that more money to save. Those money he can put more in his Savings, or in his retirement.
What would you do?--for the pay of $1,050 a day just to work that one day (holiday pay), let him work on all holidays right? (major holidays ofcourse, it the major holidays when they pay like that).
Am I terrible that I want him to work on holidays just because of that pay? Perhaps next time he ask me if I'm okay with him work holiday(s), I should just not comment and said it up to him and let him chose?
Sir, can you give me insight/advice on this please? Thank you Sir.
Again, you should definitely tell him you want him to work on those major holidays. That adds up to thousands of extra dollars a year that you can save (after paying California and Federal taxes, of course). And even if you don't want him to work more than the usual days, he could take off a "regular" day and work a major holiday instead, right? Then you would still be ahead 150% of a regular day's pay (before taxes). So yes, this is absolutely a good idea.