Did you know about the spousal IRA?

This is another way to maximize your retirement savings even if you already contribute to a retirement account at work.

This gives you and your spouse an additional $12k a year (assuming you’re under 50) to invest! That’s a lot of money!

One of the big differences between an IRA and a brokerage account is that you need earned income to open an IRA, but this is an exception for married couples. You can invest on behalf of a spouse even if they have zero income.

Don’t forget to look up the income limits for both the traditional and ROTH IRA. Even if you’re over the ROTH IRA limits, you can still do a backdoor ROTH if you want to.

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A Spousal IRA is an Individual retirement account (IRA) that allows married couples to save for retirement. It is a great way for couples to take advantage of tax benefits and maximize their retirement savings.

The Spousal IRA is an individual retirement account that allows married couples to save for retirement. It is similar to a traditional IRA, but with a few differences. First, contributions to the Spousal IRA can be made by either spouse, regardless of the other spouse’s income. This means that even if one spouse does not have income, they can still contribute to the Spousal IRA. Second, contributions to the Spousal IRA are tax deductible, and the funds grow tax-deferred until retirement.

The Spousal IRA is an excellent way for married couples to save for retirement. It allows them to take advantage of tax benefits and maximize their retirement savings. Couples should consider a Spousal IRA if they want to save for retirement but are unable to contribute to a traditional IRA due to income restrictions.

When contributing to a Spousal IRA, it is important to remember that the total contributions cannot exceed the lesser of the two spouses’ incomes. Additionally, the contributions must be made by the end of the tax year in order to be deductible.

When it comes time to withdraw money from the Spousal IRA, the funds are subject to the same rules as a traditional IRA. This means that withdrawals are subject to income tax, and that there may be an early withdrawal penalty if the funds are withdrawn before age 59 ½.

The Spousal IRA is a great way for married couples to save for retirement. It allows them to take advantage of tax benefits and maximize their retirement savings. Couples should consider a Spousal IRA if they want to save for retirement but are unable to contribute to a traditional IRA due to income restrictions.