What Is A Spousal IRA
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Curious about what a Spousal IRA is and how it can benefit you and your spouse’s retirement savings? In this video, I explain the concept of a Spousal IRA and how it can help couples maximize their retirement contributions. I’ll cover the eligibility criteria, tax advantages, and other important aspects of Spousal IRAs. Watch this video to gain a comprehensive understanding of this retirement savings option and start planning for a secure future together.

Timestamps:
00:00 What Is A Spousal IRA
04:20 Who Is Eligible For Spousal IRA
05:08 Benefits Of Having Spousal IRA

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What Is A Spousal IRA?

When it comes to retirement savings, many couples want to ensure that both spouses have enough money to support themselves after they stop working. Thankfully, the Individual retirement account (IRA) offers an option for non-working or low-income spouses to save for retirement through a spousal IRA.

A spousal IRA is a type of retirement account that allows a non-working or low-income spouse to contribute to their own retirement savings, even if they do not have earned income. This can be incredibly beneficial for couples who want to maximize their retirement savings potential and take advantage of the tax benefits of an IRA.

To qualify for a spousal IRA, the couple must be married and file a joint tax return. The working spouse must have earned income equal to or greater than the total combined contributions made to both IRAs. The maximum annual contribution limit for a spousal IRA is the same as a regular IRA, which is $6,000 in 2021, or $7,000 for individuals aged 50 and older.

One significant advantage of a spousal IRA is that it allows the non-working or low-income spouse to build their retirement savings while still benefiting from the tax advantages offered by an IRA. Contributions made to a spousal IRA may be tax-deductible, depending on the couple’s income level and whether they have access to a retirement plan at work. Additionally, the contributions grow tax-free until withdrawals are made during retirement.

Another advantage of a spousal IRA is the ability to choose between a traditional IRA and a Roth IRA. With a traditional IRA, contributions are tax-deductible in the year they are made, but withdrawals are subject to income tax in retirement. On the other hand, a Roth IRA allows for tax-free withdrawals in retirement, but contributions are made with after-tax dollars. The choice between the two depends on the couple’s current and future tax situation.

It’s important to note that the combined contribution limit for both spouses cannot exceed the working spouse’s earned income. For example, if the working spouse earns $10,000 and contributes $6,000 to their own IRA, they can contribute up to $4,000 to the spousal IRA for a total of $10,000. However, if the working spouse earns only $3,000, the combined contribution limit for both IRAs would be $3,000.

In summary, a spousal IRA is a valuable tool for couples who want to ensure both spouses have a solid retirement savings strategy. It allows the non-working or low-income spouse to build their own retirement savings while still benefiting from the tax advantages of an IRA. By taking advantage of a spousal IRA, couples can maximize their contributions and plan for a secure financial future together.