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Spousal IRA Definition

This allows for a more balanced retirement savings strategy within a household.

As a knowledgeable professor in finance, it's important to understand the concept of Spousal IRAs. These unique retirement accounts allow non-working spouses to contribute the full amount to an individual retirement account, as long as their working spouse earns enough to cover the contribution. This money then belongs to the non-working spouse, regardless of the source. This provides an opportunity for a more balanced retirement savings approach within a household. Whether choosing between a traditional or Roth IRA, income caps and contribution limits still apply.

Recharacterization

One important concept to understand in finance is the ability to reverse a Roth IRA conversion or to redesignate funds between different types of plans. This allows individu...

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Money Purchase Plan Definition

A money purchase pension plan, also known as a defined contribution plan, requires employers to contribute a fixed percentage of eligible employees' salaries to individual a...

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Roth IRA

The Roth IRA, a popular type of individual retirement account, was created through the Taxpayer Relief Act of 1997. Unlike traditional IRAs, contributions to a Roth IRA are ...

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Employer-sponsored Retirement Plan

Let's delve into the world of retirement planning and explore the difference between Defined Contribution and Defined Benefit plans. These types of plans are widely used, wi...

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