Are you a stay-at-home mom or are you thinking about leaving the workforce? Are you worried it will impact your financial benefits and retirement future? Many women haven’t heard of a Spousal IRA and its benefits for those outside the traditional workforce.

On today’s episode, Gigi Verrey, the VP of wealth management at GCG Financial, joins us to discuss the one financial investment that all stay-at-home moms need to have. If you are married and filing jointly, you can take advantage of this investment tool. It’s not a joint account, it’s similar to a regular IRA or Roth IRA.

By virtue of you being a spouse, your partner can contribute money into the Spousal IRA for your future, as long as your combined income is greater than the amount you can put away. The money in this account is your money, even if you end up getting a divorce. We’ll discuss the value of this great retirement tool, how the investments work, and more with Gigi. Having a retirement account in your own name comes with power, security, and value.

Join us today as we discuss:

· What a Spousal IRA is and how you can invest in one

· What the difference between a regular IRA and a Spousal IRA is

· Contribution limits, investment advice, and tax rules for Spousal IRAs

· The money in a Spousal IRA is your money!

Contact Gigi: gigi.verrey@gcgfinancial.com

Listen to the full podcast or use the timestamps below to jump to a specific section.

1:36 – Welcome Gigi!

2:33 – What is a Spousal IRA?

4:40 – What makes it a Spousal IRA?

6:35 – Having separate accounts

7:16 – What kind of investments?

8:53 – Transferring money

9:41 – What designates a Spousal IRA?

11:00 – Are they tax-deferred?

14:18 – What happens during a divorce?

17:42 – Combining money into your partners IRA

19:08 – Enjoying the growth of your income

21:27 – When do you need an account by?

23:09 – The best way to contact Gigi

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The Value of a Spousal IRA with Gigi Verrey

As women continue to make strides in the workplace and become increasingly financially independent, the importance of retirement planning for both partners in a marriage cannot be overstated. Gigi Verrey, a financial advisor with years of experience helping couples navigate the complexities of retirement planning, believes in the significance of a Spousal IRA.

A Spousal IRA, also known as a Spousal Individual retirement account, is a retirement savings strategy that allows a working spouse to contribute to an IRA on behalf of their non-working or low-income earning spouse. This arrangement enables the couple to maximize their retirement savings and take advantage of the tax benefits associated with Individual Retirement Accounts.

Verrey emphasizes that a Spousal IRA can greatly benefit couples in several ways. Firstly, it offers a tax-advantaged way for non-working or low-income earning spouses to save for retirement. Even if an individual doesn’t have earned income, they can still contribute up to the annual IRA contribution limit, provided their spouse has enough earned income to cover both contributions.

Secondly, the Spousal IRA helps address the potential income disparity between spouses, a common occurrence when one partner takes a career break or works part-time to raise children. By contributing to a Spousal IRA, the working spouse can ensure that their non-working or low-income earning partner has funds specifically earmarked for their retirement.

Verrey points out that a Spousal IRA is not just a valuable retirement planning tool, but also a means to foster financial equality within a marriage. It ensures that both partners are taking equal responsibility for their financial future, regardless of their income level or current employment situation.

Furthermore, a Spousal IRA can provide couples with opportunities for strategic tax planning. Verrey advises that couples can utilize the Spousal IRA to balance out their respective retirement savings and potentially reduce their overall tax liability. By coordinating their contributions, couples can optimize their retirement savings and take advantage of the various tax brackets and deductions available.

However, Verrey emphasizes the importance of seeking professional advice when considering a Spousal IRA or any retirement planning strategy. As individual circumstances vary, it is crucial to consult with a qualified financial advisor who can assess the couple’s unique situation and devise a tailored plan that aligns with their goals.

In conclusion, Gigi Verrey believes that a Spousal IRA is a valuable tool for couples looking to enhance their retirement savings and promote financial equality within their relationship. By utilizing a Spousal IRA, couples can effectively bridge income disparities and ensure both partners have a secure financial future. To make the most of this retirement planning strategy, it is recommended to seek advice from a qualified financial advisor.