Tie The Knot For Retirement With A Spousal IRA
But having a low income doesn't necessarily mean you can't make significant contributions to a retirement account. You and your spouse might consider a spousal IRA. If at least one of you has earned income, you both can contribute to a traditional IRA for your spouse as well, within certain limits, until the working spouse reaches age 70½.
The annual limit for IRA contributions is $5,500 or $6,500 if you're age 50 or older. That ceiling is effectively doubled for a spousal IRA—for example, if both spouses are 55, they can contribute a total of $13,000.
Finally, you might opt for a Roth IRA—your contributions won't be deductible but distributions during retirement normally are tax free. And you don't have to take money from the account during your lifetime. (Eligibility is phased out for high-income taxpayers.)
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