Double Up with a Spousal IRA
If you and your spouse are looking for a way to build your retirement savings but one of you is not working, you might consider funding a spousal IRA. This could be the same IRA that the spouse contributed to while working or it could be a new account. In either case, IRS rules allow a married couple to fund separate IRA accounts for each spouse based on the couple’s joint income. The total of both IRA contributions cannot…