One way to improve your family’s finance?

Open a spousal IRA.

✳For those married couples with one spouse not working, under employed, not participating in a company retirement plan, or working for a company that does not offer a retirement plan, that spouse could still make an IRA contribution.

Traditional IRA or ROTH IRA are possible, depending upon your cash availability. There are income limits for ROTH contributions.

👍The idea here is to do as much as you could to sock away money for retirement.

📱Call if you want to learn more.

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Planning for retirement is crucial for a secure and comfortable future, especially for married couples. One often overlooked option is the Spousal IRA, which allows a non-working or low-earning spouse to contribute to an Individual retirement account (IRA) in their name, even if they do not have earned income.

In a traditional IRA, the working spouse can contribute up to $6,000 (as of 2021) per year. However, with a Spousal IRA, the non-working or low-earning spouse can also contribute up to $6,000 per year, allowing the couple to potentially save up to $12,000 per year towards retirement.

This can be a great option for couples where one spouse stays at home to care for children or if one spouse earns significantly less than the other. It allows both partners to save for retirement and benefit from the tax advantages that come with an IRA, such as tax-deferred growth and potential tax deductions.

Another advantage of a Spousal IRA is that it can provide additional retirement savings for the non-working spouse, especially if they do not have access to a retirement plan through their own employer. It can also help level the playing field in terms of retirement savings between both partners.

However, there are some limitations to be aware of when considering a Spousal IRA. The earning spouse must have enough earned income to cover both contributions, meaning they need to earn at least $12,000 to max out contributions for both spouses. Additionally, the non-working spouse must be under the age of 70 ½ to contribute to a traditional IRA.

Before deciding if a Spousal IRA is right for your family, it is important to consult with a financial advisor to determine your individual retirement goals and assess your overall financial situation. They can help you understand the rules and limitations of a Spousal IRA, and provide guidance on the best retirement savings strategy for your family.

In conclusion, a Spousal IRA can be a valuable tool for married couples looking to maximize their retirement savings and ensure a secure financial future. By allowing both spouses to contribute to an IRA, it can help balance out the retirement savings between partners and provide additional savings for the non-working spouse. If you think a Spousal IRA may be right for your family, be sure to do your research and seek guidance from a financial professional to make the best decision for your financial future.