What is a Spousal IRA and When Would it Be Relevant?
If your partner isn’t currently employed, together you may be able to capitalize on a tax planning opportunity. TrueNorth Wealth, your local finance firm offering the leading retirement and social security planning services, is advising couples to consider a Spousal IRA. A Spousal IRA is a less known way for a spouse who doesn’t currently work for a paycheck to save toward retirement. It is also another method for couples (joint filers) to receive increased tax advantaged savings, including Roth account benefits, simultaneously lowering their taxable income.