Retirement funds Question

[Gailete]

This is something I haven't really seen addressed anywhere and so was curious if my brain was screwed on straight or if I was missing something big.

I'm 9 years older than my hubby. I'm already on SS Disability but in a few years should be flipped over to regular SS I suppose. We still try to contribute what we can to our retirement accounts. However, we have never been able to contribute the max amount any year since we were married. Since I'm older I try to put any retirement money into my tax free accounts first since that means if needed we can tap them first without any penalty as I will be at that age to do so much sooner than he will. Does this make sense or am I missing something here? We both have chronic health problems so my illness isn't really an issue to impact this.

Please, I don't need told where to put the money or how much we should contribute. If I had more to invest I would. I just don't want to think that there is a downside somehow to filling my accounts first. I even, if we had the money, am eligible for the extra $1000 catch up contributions each year into my retirement fund and he isn't. No plans for a divorce which is the only scenario that I can see where this would be an awful idea.

[kv968]

I don't see anything wrong with putting the money in your account so you can access it quicker if needed.

The only thing that may come into play, if you're using a traditional IRA, is the required minimum distribution when you hit 70 1/2 and have to start taking money out even if you don't need it. If you're putting money into a Roth IRA then you don't have to worry about that.

[Gailete]

if you're using a traditional IRA, is the required minimum distribution when you hit 70 1/2 and have to start taking money out even if you don't need it.

We are so far behind in retirement savings, that I can't imagine NOT needing to tap that account. I have though switched over this year to contributing to a Roth IRA once I had a clearer understanding of them. Trying to play catch up as much as possible with our retirement money.

[ZZZ]

I don't see a problem with contributing to your account first so you have an earlier access to the funds.

I do, however, see a benefit in contributing more to his than yours. After you reach retirement, you will be forced to find ways to make things work without that extra money, allowing it to compound for a few more months/years.

If you think you can avoid the temptation to pull more than you truly need, then put it in your account. That way it is there for emergencies. If there is a chance you might get complacent with your budget/savings, then put it in his. You don't want to run out of money when you still have a few years left.

[Gailete]

I have no intention of tapping our retirement accounts until and unless we absolutely need to. Just because I turn 65 is no reason to start pulling money out if I don't need to. I don't think of it as a 'birthday present'. Right around the time I turn 65 I think our mortgage will be finished and we should own a rental property free and clear (or it will be sold and the money put away for the future). If I can actually put off using our IRAs until I'm 70 will be a miracle but also a very happy surprise