Real Deal Radio

8 Nov
2011

Creating Community

Community.

What does it mean to you?

Are you part of one?

Is it something you even have to think about, or is it something you’re searching for?

In our society when so many of us are fractured from our families and friends (by geography, economic necessity, or choice) it’s an ongoing challenge to find and sustain community.

How do you do it?

How do you do it when you’re living in a new city, most of your waking hours spent in working your paycheck job, and whatever is left is spent taking care of your children? How do you find community when you’re hard pressed to find time to cook breakfast? How do you participate in community when you’re just trying to get through the day? Those are the times when we need a community the most.

Technology allows us to connect with so many people from so many areas of our lives – but is it enough?

What about when you’re *not* trying to connect with elementary school buddies, but make new connections at *this* place? In the *now*? We all need real-time, real-life friends.

We’re humans. Humans are pack animals. We need community.

I don’t have answers, but I welcome your input. What works for you? What would you like to change?

We’re all in it together, after all.

Community | No Comments » |

3 Nov
2011

Unpaid Work Is Still Work…And Worth Money

How many of you have ever had this happen? You and your spouse decide that you’re going to be a Stay-At-Home-Mom and raise the kids yourself. You know it’s a ton of work – there are no vacations or bonuses or raises in the traditional sense – but it’s worth it. Everything seems to be going along fine until the day Dear Hubby says, “Well, since I make all the money, I’ll decide how to spend it.”

Wrong answer.

Child rearing, caring for aging parents, and keeping house are all WORK. It’s just that it’s usually *unpaid* work. And this type of unpaid work typically falls upon women. This is still work with a quantifiable value – in fact, the economy depends on it. Add up all the services you provide - childrearing, chauffeuring, housework, meal prep, buyer, budget planner, mediator, event planner, first aid, etc. etc. etc. etc. — and then check to see how much all of those services cost in the free market.

Exactly.

None of this means we aren’t entitled to retirement benefits. That’s why we re-posted this handy article from O, The Oprah Magazine by Suze Orman with valuable advice and ideas to make sure you protect your retirement benefits.

Enjoy!

______________________

Suze Orman’s Retirement Plan for Stay-at-Home Moms

By Suze Orman
O, The Oprah Magazine | October 17, 2011

Photo: Robert Trachtenberg

Q: For now I am a stay-at-home mother of two. My husband makes a good living, and we’re in solid financial shape. The only thing that nags at me is that because I’m not working, I am not contributing to Social Security or saving for my own retirement. What are my best options? Should I contribute to my 401(k) from a past job or open a new account? I could contribute $400 each month.A: It kills me when stay-at-home moms sell themselves short. You are working—you just aren’t getting paid for it. I also noted that you refer to saving for “your” retirement. If you and your husband decide that you’ll be the stay-at-home parent, his income needs to pay for both of your retirements.

As for Social Security, stay-at-home spouses can claim a benefit based on their partners. Even if you divorce, if you were married for at least ten years, you’re entitled to that money, which can equal up to half of the main recipient’s benefit. So, if your husband will get $1,000 each month, you would get $500. AARP has a calculator that parses all the variables. (Type “AARP Social Security Benefits Calculator” in your Web browser.)

That said, you should absolutely have a dedicated account—and make the maximum annual contribution. (The limit is $5,000 if you’re under 50 years old, $6,000 if you’re 50 or older.) Every spouse, with or without income, can open a Spousal IRA. The only requirement is that the “working” partner earn enough income to cover the contribution. So as long as your husband earns $10,000 in income, he can put in $5,000 for his IRA and cover $5,000 toward yours. That works out to $417 a month going into your IRA, within easy reach of the $400 you say is available.

More Financial Advice From Suze Orman

Real Deal Radio, The Hustle (Career and Finance) | No Comments » |

27 Oct
2011