Spousal IRA, IRA and ROTH IRA contributions, raise your 401 K contribution….(read more)

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As you plan for your financial future, it’s essential to consider various retirement savings options that can help you achieve your long-term goals. While 401(k) accounts are a popular choice for many individuals, there are other retirement savings vehicles that can supplement your savings and provide additional benefits.

One option to consider is a Spousal IRA, which allows a non-working spouse to contribute to an Individual retirement account (IRA) using the working spouse’s income. In a Spousal IRA arrangement, the non-working spouse can contribute up to $6,000 per year (for the tax year 2021) or $7,000 if they are over the age of 50. This can be a valuable tool for couples looking to maximize their retirement savings and take advantage of tax-deferred growth.

Additionally, if you have already maxed out your Spousal IRA contributions or are looking for additional ways to save for retirement, you may want to consider making IRA contributions on your own behalf. Traditional and Roth IRAs both offer unique tax advantages, and contributing to these accounts can help diversify your retirement portfolio and potentially reduce your tax liability in retirement.

When it comes to retirement savings, it’s also important to consider increasing your 401(k) contributions. By raising your contributions to your employer-sponsored retirement account, you can take advantage of tax-deferred growth and potentially receive matching contributions from your employer. Even a small increase in your 401(k) contribution rate can add up over time and help you reach your retirement savings goals faster.

Ultimately, the key to successful retirement planning is to diversify your savings and take advantage of all available savings vehicles. By exploring options like Spousal IRAs, IRA contributions, and increasing your 401(k) contributions, you can build a robust retirement savings plan that can help you achieve a secure and comfortable retirement. Be sure to consult with a financial advisor to discuss your specific situation and determine the best retirement savings strategy for your needs.