You should definitely take a look into spousal IRA’s and the benefits it could have for you!
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A Spousal IRA is a type of individual retirement account that allows a working spouse to contribute to an IRA in the name of their non-working spouse. This type of IRA can be a valuable tool for married couples who want to save for retirement, especially if one spouse does not work outside the home.

One of the main benefits of a Spousal IRA is that it allows a non-working spouse to save for retirement even if they do not have earned income. This is important because traditional IRAs require that the account holder have earned income in order to contribute to the account. By using a Spousal IRA, the working spouse can contribute to an IRA in the name of their non-working spouse, providing them with the opportunity to save for retirement and build their own nest egg.

In addition to allowing a non-working spouse to save for retirement, a Spousal IRA also provides a way for married couples to maximize their retirement savings. The contribution limits for IRAs are the same for both working and non-working spouses, so a couple can potentially double their retirement savings by contributing to both of their IRAs.

Another benefit of a Spousal IRA is that it provides a way for married couples to equalize their retirement savings. If one spouse has a significantly larger retirement account than the other, a Spousal IRA can help bridge the gap and provide a more equal distribution of retirement savings between the spouses.

It’s important to note that Spousal IRAs are subject to the same rules and regulations as traditional IRAs. This means that contributions to a Spousal IRA are tax-deductible, and the earnings in the account grow tax-deferred. Withdrawals from a Spousal IRA are subject to the same rules and penalties as traditional IRAs, and there are required minimum distributions starting at age 72.

In conclusion, a Spousal IRA can be a valuable tool for married couples who want to save for retirement. It allows a non-working spouse to save for retirement even if they do not have earned income, provides a way for couples to maximize their retirement savings, and can help equalize retirement savings between spouses. If you are married and want to bolster your retirement savings, consider opening a Spousal IRA to take advantage of these benefits.