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Does a Spousal IRA Make Sense for Your Family?

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.

Spousal IRAs could make sense for your family if:

  • One spouse has little to no earned income
  • You are married and file your taxes jointly
  • You are looking to increase your retirement savings

 
Speak with a Jemma Financial Advisor to learn more.

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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.

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