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As people enter into retirement age, they often find themselves wishing they had saved more money over the years. One of the best ways to boost your retirement savings is by utilizing a Spousal IRA.

A Spousal IRA is a type of individual retirement account that allows a non-working spouse to contribute to an IRA based on the working spouse’s income. This is beneficial for couples where one spouse is not working or does not have earned income, as it allows them to save for retirement and enjoy the tax benefits that come with an IRA.

One of the key benefits of a Spousal IRA is that it allows couples to potentially double the amount they can save for retirement each year. For example, if one spouse earns $6,000 a year, they can contribute $6,000 to their own IRA and an additional $6,000 to a Spousal IRA for their non-working spouse, bringing the total contribution to $12,000.

Another benefit of a Spousal IRA is the tax advantages it offers. Contributions to a Traditional IRA are typically tax-deductible, meaning that you can lower your taxable income for the year. Additionally, the earnings in a Spousal IRA grow tax-deferred, meaning you won’t pay taxes on them until you withdraw the money in retirement.

It’s important to note that there are income limits and contribution limits for Spousal IRAs, so be sure to consult with a financial advisor or tax professional to determine if you are eligible to contribute to one.

In conclusion, a Spousal IRA is a valuable tool for couples looking to boost their retirement savings and take advantage of tax benefits. By utilizing a Spousal IRA, couples can potentially double the amount they save for retirement each year and enjoy tax-deferred growth on their investments. Consider opening a Spousal IRA today and start saving for a more secure retirement future.

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