A Spousal Roth IRA is for stay-at-home spouses and parents who file their taxes jointly with their spouses with active income.

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If you are a stay-at-home spouse or parent, you may feel like you don’t have as much financial independence as your working spouse. But there is one investment account that you should consider opening: a Spousal Roth IRA.

A Spousal Roth IRA is an individual retirement account that allows a non-working spouse to contribute to an account in their name, even if they have no earned income. This type of IRA allows contributions to grow tax-free, and qualified withdrawals during retirement are tax-free as well.

One of the benefits of a Spousal Roth IRA is that it allows stay-at-home spouses and parents to contribute to their retirement even if they are not earning an income. This can help them build a nest egg for the future and maintain financial independence.

Another advantage of a Spousal Roth IRA is that it allows couples to diversify their retirement savings. While many couples rely on one spouse’s workplace retirement plan, a Spousal Roth IRA can provide an additional source of retirement income.

It’s important to note that there are income limits for contributing to a Roth IRA, but these limits are higher for married couples filing jointly. As of 2021, couples earning less than $198,000 are eligible to contribute to a Roth IRA.

Opening a Spousal Roth IRA is easy. Simply open an account with a financial institution and designate it as a Spousal Roth IRA. Be sure to communicate with your spouse and financial advisor to determine how much you can contribute annually.

In conclusion, a Spousal Roth IRA is a valuable investment account for stay-at-home spouses and parents. It allows them to build retirement savings and maintain financial independence. Consider opening a Spousal Roth IRA and start investing in your future today.