Author Topic: want to start IRA for wife for a romantic valentines day gift  (Read 3781 times)

the cheapining

  • 5 O'Clock Shadow
  • *
  • Posts: 18
want to start IRA for wife for a romantic valentines day gift
« on: February 02, 2016, 09:34:02 PM »
My wife works part time at a grocery store and is self employed as a personal trainer.Before I go down to fidelity I want to know at least a little when I walk in .For now I can open it with 1k and put in $100 a month(I got cash tied up in remodeling the house ).not sure when she can match or add more but its a start.
 Do I need to look at solo IRA,sep IRA or simple IRA.thanks for any help

Heckler

  • Handlebar Stache
  • *****
  • Posts: 1345
Re: want to start IRA for wife for a romantic valentines day gift
« Reply #1 on: February 02, 2016, 11:13:03 PM »
Sounds as romantic as the new truck tires I once bought for V-day.  I like the way you roll!

MDM

  • Walrus Stache
  • *******
  • Posts: 9085
Re: want to start IRA for wife for a romantic valentines day gift
« Reply #2 on: February 02, 2016, 11:27:33 PM »
My wife works part time at a grocery store and is self employed as a personal trainer.Before I go down to fidelity I want to know at least a little when I walk in .For now I can open it with 1k and put in $100 a month(I got cash tied up in remodeling the house ).not sure when she can match or add more but its a start.
 Do I need to look at solo IRA,sep IRA or simple IRA.thanks for any help

Ignore solo/SEP/SIMPLE for the purposes of an IRA not tied to work (other than having some amount of earned income).  Because the I in IRA stands for Individual you will likely not (despite your good intentions) be able to open one for her by going to Fidelity yourself.  You could, however, give her a card redeemable for your undivided attention to help her open her own online....


Sounds as romantic as the new truck tires I once bought for V-day.  I like the way you roll!
Yeah, even if the OP could open the IRA himself, flowers and/or chocolate would likely still be appropriate. :)

YoungInvestor

  • Bristles
  • ***
  • Posts: 388
Re: want to start IRA for wife for a romantic valentines day gift
« Reply #3 on: February 03, 2016, 05:25:39 AM »
I'd plan something else as well...

Rollin

  • Handlebar Stache
  • *****
  • Posts: 1191
  • Location: West-Central Florida - USA
Re: want to start IRA for wife for a romantic valentines day gift
« Reply #4 on: February 03, 2016, 06:27:02 AM »
I'd plan something else as well...

Good idea YoungInvestor (and this is coming from someone who has been successfully married in one shape or another since 1985)!

bearkat

  • Stubble
  • **
  • Posts: 122
  • Age: 29
  • Location: California
Re: want to start IRA for wife for a romantic valentines day gift
« Reply #5 on: February 03, 2016, 07:37:38 AM »
I didn't know Fidelty had brick and mortar stores to "walk in" ... It only takes a Social Security number and some personal info to open an IRA online if you did want to do it for her and surprise her. Just saying.

MandalayVA

  • Handlebar Stache
  • *****
  • Posts: 1578
  • Location: Orlando FL
Re: want to start IRA for wife for a romantic valentines day gift
« Reply #6 on: February 03, 2016, 07:40:59 AM »
I didn't know Fidelty had brick and mortar stores to "walk in" ... .

I don't think there's tons but there are.  We do the majority of our banking and investing with Fidelity and have to go down to the local office occasionally.

the cheapining

  • 5 O'Clock Shadow
  • *
  • Posts: 18
Re: want to start IRA for wife for a romantic valentines day gift
« Reply #7 on: February 03, 2016, 10:04:28 AM »
i do have a real vday gift for her,more stall mats for her gym.thanks for all the good info.i will talk to my accountant before i do anything.really want my wife to get on board with FIRE.i have my ducks in a row for 2022 and want her onboard.

Stairway to Stache

  • 5 O'Clock Shadow
  • *
  • Posts: 15
Re: want to start IRA for wife for a romantic valentines day gift
« Reply #8 on: February 03, 2016, 10:27:28 AM »
This is an excellent idea ... however you will not be able to open an account for her without her consent so it will ruin some of the surprise. How about a card, chocolate covered kale and a "voucher" given by you for her redeemable for an IRA that you will help her setup.

And yes, stick to a Traditional or Roth IRA for now until you are able to start maxing out that contribution ($5,500)

You can then spend a romantic candlelight evening on Valentines Day watching Netflix and opening an IRA online

CheapskateWife

  • Handlebar Stache
  • *****
  • Posts: 1400
  • Location: Central TX...but getting ready to hit the road
  • Countdown to fire in 3-2-1
Re: want to start IRA for wife for a romantic valentines day gift
« Reply #9 on: February 03, 2016, 10:39:22 AM »
Nothing says "I love you" like helping your partner secure their financial future....but chocolates wouldn't hurt in addition :) 

Maybe I'm a weirdo, but the idea of a man helping his woman to secure her future in her own name, separate from him, says a lot about where your heart really is.  You sound like a catch, and I hope she feels the same way about your gift.

the cheapining

  • 5 O'Clock Shadow
  • *
  • Posts: 18
Re: want to start IRA for wife for a romantic valentines day gift
« Reply #10 on: February 05, 2016, 06:52:37 PM »
Nothing says "I love you" like helping your partner secure their financial future....but chocolates wouldn't hurt in addition :) 

Maybe I'm a weirdo, but the idea of a man helping his woman to secure her future in her own name, separate from him, says a lot about where your heart really is.  You sound like a catch, and I hope she feels the same way about your gift.

   wow that got to me ,thanks.

Indexer

  • Handlebar Stache
  • *****
  • Posts: 1292
Re: want to start IRA for wife for a romantic valentines day gift
« Reply #11 on: February 06, 2016, 03:47:09 AM »
So no one can open an IRA for someone over the age of 18 other than that person unless you are a court appointed guardian or something along those lines. So you would need her consent in order to open the account.

i do have a real vday gift for her,more stall mats for her gym.thanks for all the good info.i will talk to my accountant before i do anything.really want my wife to get on board with FIRE.i have my ducks in a row for 2022 and want her onboard.

While I agree with others that I think this is an awesome gift this is the one part that brings a little concern. If you are doing this for her and to help her and that is your only intention = sweet. If you come across as doing it in order to push your own agenda(FIRE) this could backfire.

Duchess of Stratosphear

  • Bristles
  • ***
  • Posts: 307
Re: want to start IRA for wife for a romantic valentines day gift
« Reply #12 on: February 06, 2016, 06:33:33 AM »
Good point from Indexer.

I still think it's really sweet.

Physicsteacher

  • Pencil Stache
  • ****
  • Posts: 527
  • Age: 32
  • Location: Arkansas
Re: want to start IRA for wife for a romantic valentines day gift
« Reply #13 on: February 06, 2016, 07:57:48 AM »
If she's onboard with FIRE as a goal, I think going together to open her account could be a very sweet gesture. I've been working to shift my husband's mindset about gifts; he really likes showing affection through thoughtful presents, but I find the idea of achieving FIRE and getting to enjoy each other's company as much as we want to be even more romantic. We do plan to stock up on discount chocolate the day after Valentine's, though.

RedmondStash

  • Pencil Stache
  • ****
  • Posts: 811
Re: want to start IRA for wife for a romantic valentines day gift
« Reply #14 on: February 06, 2016, 12:31:21 PM »
The most romantic gift is the one your partner really wants. An electric screwdriver can make an awesome Valentine's Day gift for one woman, and an abysmal one for another.

So if this is something she would genuinely be pleased with, it sounds great. If it isn't, or if she will interpret this as pressure for her to align herself with your worldview, she may resent it.

FWIW, it sounds like a generous thought, which counts for a lot.

markbike528CBX

  • Pencil Stache
  • ****
  • Posts: 916
  • Location: the Everbrown part of the Evergreen State (WA)
Re: want to start IRA for wife for a romantic valentines day gift
« Reply #15 on: February 09, 2016, 04:07:56 PM »
I've thought about an IRA for my wife too.  Just not tied to Valentine's Day.

Especially when our Valentines day activities last year including shooting a shotgun (#1buck for house defense against zombies).
Especially when I'm leaving for work in Europe at noon on Valentines day this year.

I'm not too bright, but I can see the IRA thing getting shot down (probably with the above mentioned shotgun).