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Money Girl

Who's Eligible for a Spousal IRA?

Money Girl

Macmillan Holdings, LLC

Investing, Education, Business, Entrepreneurship, How To

4.61.8K Ratings

🗓️ 29 January 2025

⏱️ 11 minutes

🧾️ Download transcript

Summary

Laura reviews the rules for using a spousal IRA, including who’s eligible to have one and the money-saving tax benefits you receive.

Transcript

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0:00.0

Retirement accounts are terrific ways to save for retirement.

0:08.8

Still, they're only available when you have earned income, like a salary or hourly wages

0:15.6

or access to a workplace retirement plan, like a 401k.

0:19.7

However, there is an important exception known as a

0:24.1

spousal IRA or individual retirement account. This podcast will review the benefits of a spousal

0:29.9

IRA who qualifies for one and how to use it to boost your retirement nest egg. Welcome back. I

0:36.1

appreciate you joining me for Money Girl episode 896.

0:39.8

I'm Laura Adams, an award-winning author, on-camera spokesperson, money speaker, founder of the

0:46.0

money stack. That's my substack newsletter and host of Money Girl with over 43 million downloads.

0:51.9

If you're enjoying our free content, take a moment to rate and review the show.

0:55.8

And if you have a question about money, please leave it on our voicemail at 302-364-0308.

1:02.5

You can also visit laura d.adams.com to email me directly and learn more about my books,

1:10.4

courses, and the free Moneystack newsletter.

1:13.3

All right, so let's talk about what exactly is a spousal IRA.

1:18.2

It's not a different type of IRA, but just a rule.

1:22.9

It's a rule that allows a married breadwinner to fully fund their spouse's IRA, even if the spouse has

1:30.2

little or no income. So you can kind of think about it like a workaround that enables a working

1:36.6

spouse to contribute to an IRA on behalf of their spouse. But the rule only applies when you're

1:43.9

married and file taxes jointly. So I want to

1:47.2

make sure you understand that if you're married but you're filing taxes separately, you do not qualify

1:51.9

for a spousal IRA. Also note that an IRA can never be owned jointly, even when you're married.

1:59.9

They're always owned individually. That's why

...

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