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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.

Lump Sum Distribution

In the world of finance, there exists a term that may sound unfamiliar to some: a lump-sum distribution. It refers to the entire amount of money in a 401(k) account or other ...

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Individual Retirement Account (IRA)

An IRA, or Individual Retirement Account, is a retirement savings plan that offers tax benefits for those with earned income. It allows individuals to defer paying taxes on ...

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Rollover IRA

An Individual Retirement Account, or IRA, is designed to hold assets from a qualified plan for those who are eligible. This plan allows for tax-deferred growth of investment...

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Required Minimum Distribution

A crucial aspect of managing your retirement funds is understanding the concept of Required Minimum Distributions (RMDs). These are mandatory withdrawals from qualified retir...

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