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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.

Required Minimum Distribution (RMD)

The Internal Revenue Service (IRS) requires individuals with an Individual Retirement Account (IRA) to withdraw a minimum amount each year once they reach the age of 70½. Th...

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Substantially Equal Periodic Payments

One commonly used method for accessing funds from an IRA before reaching the age of 59½ is through substantially equal payments. This approach allows for penalty-free distri...

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Annuity

An annuity involves an investor providing cash to a vendor, typically an insurance company, in return for the promise of a series of periodic payments. These payments can be...

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Roth IRA Conversion

When considering the distribution of assets from a Traditional IRA into a Roth IRA, it is important to understand the potential tax implications. A Traditional IRA allows fo...

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