The SECURE ACT 2.0 created augmentations to two existing IRA types - the SEP and the SIMPLE. ... ( read more )
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As we enter into a new year, it is critical to keep abreast of the changes and updates made to the financial landscape. One of the significant changes that have come to the fore this year is the introduction of two new IRA types. An IRA or an Individual retirement account is a tax-advantaged account that allows individuals to save for retirement. The two new IRA types introduced this year are the spousal IRA and the backdoor Roth IRA. The spousal IRA is designed to provide a retirement savings option for individuals who are married but do not work outside the home. In most cases, traditional IRA contributions are only allowed for individuals who have earned income. Hence, if one spouse is not w
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