Millions of spouses leave the workforce every year to care for children or elderly parents, a move that can jeopardize retirement security. But if one partner is working, a spousal IRA can help close the gap.
As long as one spouse has earned income and the couple files a joint tax return, the working spouse can contribute to an IRA in the nonworking spouse’s name. That makes a spousal IRA an ideal retirement-savings tool for spouses who plan to take a pause from their careers, says Madison Sharick, a certified financial planner in Pittsburgh.
This story is from the December 2024 edition of Kiplinger's Personal Finance.
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This story is from the December 2024 edition of Kiplinger's Personal Finance.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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