Generally, contributions to an Individual Retirement Account (IRA) can only be made with earned income.
However, if you or your spouse is not working and wants to save for retirement, a Spousal IRA could provide a solution. This type of IRA eliminates the requirement that you need to have earned income to make contributions. The only caveat is the working spouse’s income must equal or exceed the total IRA contributions made on behalf of both spouses.
Spousal IRAs can be set up as either Traditional or Roth IRAs and are subject to the same contribution limits as any other IRA. These accounts are not “co-owned” but rather in the name of and owned by the non-working spouse.
By contributing to a Spousal IRA, you and your spouse can double your retirement savings in a tax-efficient manner.
For tax year 2022, you and your spouse can each contribute $6,000 plus an additional $1,000 catch-up contribution if the account owner is 50 or older.
Speak with a Jemma Financial Advisor to learn more.
Need assistance? Call 855.662.2121 or email info@jemmafinancial.com
Important Notice
You are now leaving the Jemma Financial Services website and will be entering the Charles Schwab & Co., Inc. (“Schwab”) website.
Schwab is a registered broker-dealer, and is not affiliated with Jemma Financial Services or any advisor(s) whose name(s) appear(s) on this website. Jemma Financial Services is/are independently owned and operated. [Schwab neither endorses nor recommends {Name(s) of Investment Management Firm(s)}, unless you have been referred to us through the Schwab Advisor Network®. (This bracketed language is for use by Schwab Advisor Network members only.)] Regardless of any referral or recommendation, Schwab does not endorse or recommend the investment strategy of any advisor. Schwab has agreements with “Name(s) of Firm(s)” under which Schwab provides Jemma Financial Services with services related to your account. Schwab does not review the Jemma Financial Services website(s), and makes no representation regarding information contained in the Jemma Financial Services website, which should not be considered to be either a recommendation by Schwab or a solicitation of any offer to purchase or sell any securities.
IMPORTANT NOTICE
You are now leaving the Jemma Investment Advisors, LLC Website and will be entering the Charles Schwab & Co., Inc. ("Schwab") Website. Schwab is a registered broker-dealer, and is not affiliated with Jemma Investment Advisors, LLC, or any advisor(s) whose name(s) appears on this Website. Jemma Investment Advisors, LLC is independently owned and operated. Schwab neither endorses nor recommends Jemma Investment Advisors, LLC. Regardless of any referral or recommendation, Schwab does not endorse or recommend the investment strategy of any advisor. Schwab has agreements with Jemma Investment Advisors, LLC under which Schwab provides Jemma Investment Advisors, LLC with services related to your account. Schwab does not review the Jemma Investment Advisors, LLC Website, and makes no representation regarding the content of the Website. The information contained in the Jemma Investment Advisors, LLC Website should not be considered to be either a recommendation by Schwab or a solicitation of any offer to purchase or sell any securities.
This will close in 0 seconds