1047: Spousal Roth IRA - Double Your Tax-Advantaged Savings by Craig Stephens of Retire Before Dad on Tax Savings

Optimal Finance Daily - Financial Independence and Money Advice

Optimal Living Daily LLC

Investing, Self-improvement, Education, Business

4.5 • 1.3K Ratings

🗓️ 21 January 2020

⏱️ 10 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Craig Stephens of Retire Before Dad on the spousal Roth IRA. Episode 1047: Spousal Roth IRA - Double Your Tax-Advantaged Savings by Craig Stephens of Retire Before Dad on Tax Savings Craig Stephens of Retire Before Dad is a 43-year-old IT professional, investor, and blogger based in the Washington, DC metro area. His primary financial goal is to retire at age 55, one year before his Dad retired. He writes about how to build income streams so you can explore the unusual. His first love is his beautiful wife and three kids. His second love is travel. Combining both in early retirement is the ultimate goal and his primary motivation for financial independence. The original post is located here: https://www.retirebeforedad.com/roth-savings-spousal-ira/ Visit Me Online at OLDPodcast.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

Click on a timestamp to play from that location

0:00.0	This is Optimal Finance Daily, episode 1047, Spousal Roth IRA,
0:05.6	double your tax advantaged savings by Craig Stevens of Retire Before Dad.com.
0:11.3	And I am Dan, your host here at Optimal Finance Daily and welcome to our Tuesday
0:16.0	edition with a post from Craig Stevens. Let's get right to today's post as we start
0:21.5	optimizing your life.
0:25.0	Spousal Roth IRA, double your tax advantage savings
0:31.0	by Craig Stevens of Retire Before Dad.com.
0:35.0	We opened a Spousal Roth IRA in my wife's name in 2013 and contributed $5,500 to both hers and my Roth that year.
0:44.2	We'll continue to contribute the full amount
0:46.2	to both of our IRAs every year going forward
0:48.7	as long as we don't hit any income limits.
0:51.0	Mrs. RBD works her ass off as a full-time stay-at-home mom, but that work does not bring in any income.
0:57.0	Despite the very important and challenging work that she does at all hours of every day,
1:01.0	the Internal Revenue Service, IRS, considers her a non-working spouse.
1:06.6	Though she doesn't have an income, the law still allows her to make contributions to an IRA.
1:11.2	This is made possible by a law called the Kay Bailey Hutchinson's Spousal IRA.
1:15.8	I'm not usually one for paying tribute to politicians, but here's somebody that actually
1:19.5	did something to help savors.
1:22.1	Spousal Roth IRA background.
1:25.0	The Spousal IRA was signed into law with the Small Business Job Protection Act of 1996.
1:30.8	The subsection of the Internal Revenue Code 26 26 U.S. Code Section 219, retirement savings,
1:37.0	was originally called Special Rules for Certain Married Individuals.
	...

Please login to see the full transcript.

Previous episode | Next episode

Disclaimer: The podcast and artwork embedded on this page are from Optimal Living Daily LLC, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of Optimal Living Daily LLC and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.