What Is A Spousal IRA ►FREE Masterclass How I Can Help You Invest in the Stock Market Very Simply (even if you think it's too overwhelming) Curious about what a Spousal IRA is and how it can benefit you and your spouse's retirement savings? In this video, I explain the concept of a Spousal IRA and how it can help couples maximize their retirement contributions. I'll cover the eligibility criteria, tax advantages, and other important aspects of Spousal IRAs. Watch this video to gain a comprehensive understanding of this retirement savings option and start planning for a secure future together. Timestamps: 00:00 What Is A Spousal IRA 04:20 Who Is Eligible For Spousal IRA 05:08 Benefits Of Having Spousal IRA ⭐#retirementplanning #financialindependence #financialfreedom ➥➥➥ ITEMS I RECOMMEND➥➥➥ ►My NEW Book: You Will Be Financially Free ►Empower (Personal Capital) Free app to help you manage your money better. I use this EVERYDAY! ►Join my Facebook group Investors to 7-Figures: For those wanting to make their money work for them ►Mint Mobile $15/Month Cell Phone Plan. I currently use & love it. ►Audible Get 2 FREE audio books! Love to listen to books while driving, cleaning, cooking, etc? Me too! Try out audible for 30 days with 2 free books, cancel anytime! ►Amazon Shopping Show your support for my channel and all the free content I provide, click on the link and then do all your Amazon shopping! (There is no extra cost to you and it helps me out!) ➥➥➥FAV CREDIT CARDS, NO ANNUAL FEE➥➥➥ ►Capital One Quicksilver Credit Card ($200 bonus) 1.5% cashback on everything, 0% interest for 15 months! No foreign transaction fee! ►Chase Freedom Credit Card ($200 bonus) A little easier to get approved for & you choose your cashback preference (1.5% or rotating categories), 0% interest for 15 months! ►Discover IT Credit Card ($50 bonus) 0% interest for 15 months. Easier to get approved for & so easy to increase your credit limit. ►Venmo Credit Card (3% cashback) If you use Venmo, get this card. Offers 3% cashback on your highest spend category, then 2% on the next category and 1% on everything else. I use this card for specific purchases to get that 3% and 2% cashback! ➥➥➥ FAV BIZ OWNER CREDIT CARDS ➥➥➥ ►Chase Ink Business Credit Card ($750 bonus) 1.5% cashback or rotating categories. 0% interest for 12 months. ►Capital One Business Spark Credit Card ($500 bonus) 1.5% cashback or skymiles, 0% interest for 12 months! No foreign transaction fee. ➥➥➥ POPULAR YOUTUBE PLAYLISTS ➥➥➥ Financial Education Stock Market Investing Real Estate Investing Get your financial freedom and wealth building strategies with me, Tiffany Thomas, your wealth mentor (aka Wealthy Tiffany). I talk about how I became a millionaire and financially free so you can know how to become a millionaire and know you will be financially free. I'll show you how stock market investing can be made easy and I'll help with real estate investing for beginners. I'm also part of the FIRE movement, Financial Independence Retire Early, community. One tool that has helped me become financially free is a free app, Empower (used to be Personal Capital) and I have a video all about it, "Personal Capital Review.' Let's all achieve financial freedom together! DISCLAIMER: Content is for informational purposes only and should not be considered personal financial advice. This video and description may contain affiliate links. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available....(read more)
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What Is A Spousal IRA? When it comes to retirement savings, many couples want to ensure that both spouses have enough money to support themselves after they stop working. Thankfully, the Individual retirement account (IRA) offers an option for non-working or low-income spouses to save for retirement through a spousal IRA. A spousal IRA is a type of retirement account that allows a non-working or low-income spouse to contribute to their own retirement savings, even if they do not have earned income. This can be incredibly beneficial for couples who want to maximize their retirement savings potential and take advantage of the tax benefits of an IRA. To qualify for a spousal IRA, the couple must be married and file a joint tax return. The working spouse must have earned income equal to or greater than the total combined contributions made to both IRAs. The maximum annual contribution limit for a spousal IRA is the same as a regular IRA, which is $6,000 in 2021, or $7,000 for individuals aged 50 and older. One significant advantage of a spousal IRA is that it allows the non-working or low-income spouse to build their retirement savings while still benefiting from the tax advantages offered by an IRA. Contributions made to a spousal IRA may be tax-deductible, depending on the couple's income level and whether they have access to a retirement plan at work. Additionally, the contributions grow tax-free until withdrawals are made during retirement. Another advantage of a spousal IRA is the ability to choose between a traditional IRA and a Roth IRA. With a traditional IRA, contributions are tax-deductible in the year they are made, but withdrawals are subject to income tax in retirement. On the other hand, a Roth IRA allows for tax-free withdrawals in retirement, but contributions are made with after-tax dollars. The choice between the two depends on the couple's current and future tax situation. It's important to note that the combined contribution limit for both spouses cannot exceed the working spouse's earned income. For example, if the working spouse earns $10,000 and contributes $6,000 to their own IRA, they can contribute up to $4,000 to the spousal IRA for a total of $10,000. However, if the working spouse earns only $3,000, the combined contribution limit for both IRAs would be $3,000. In summary, a spousal IRA is a valuable tool for couples who want to ensure both spouses have a solid retirement savings strategy. It allows the non-working or low-income spouse to build their own retirement savings while still benefiting from the tax advantages of an IRA. By taking advantage of a spousal IRA, couples can maximize their contributions and plan for a secure financial future together. https://inflationprotection.org/understanding-the-concept-of-a-spousal-ira/?feed_id=119344&_unique_id=64b9a13fb38c4 #Inflation #Retirement #GoldIRA #Wealth #Investing #Couplesandretirement #financialfreedom #InvestmentoptionsforSpousalIRA #iracontributionlimits #IRAContributions #IRAeligibility #nonworkingspouseira #Retirementaccountmanagement #retirementaccounts #retirementincome #retirementplanning #retirementsavings #Retirementsavingsforcouples #Retirementsavingsstrategies #RetirementSecurity #RothIRAs #spousalira #Spousalretirementbenefits #Spousalretirementplanningtips #TaxadvantagesofSpousalIRA #SpousalIRA #Couplesandretirement #financialfreedom #InvestmentoptionsforSpousalIRA #iracontributionlimits #IRAContributions #IRAeligibility #nonworkingspouseira #Retirementaccountmanagement #retirementaccounts #retirementincome #retirementplanning #retirementsavings #Retirementsavingsforcouples #Retirementsavingsstrategies #RetirementSecurity #RothIRAs #spousalira #Spousalretirementbenefits #Spousalretirementplanningtips #TaxadvantagesofSpousalIRA
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