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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.

Individual Retirement Accounts (IRAs)

An important aspect of personal finance is understanding retirement planning. One such option is the Individual Retirement Account (IRA), which offers various benefits such ...

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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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Dollar Cost Averaging*

Dollar-cost averaging is a strategy for building wealth through investing that involves regularly purchasing a fixed dollar amount of securities at predetermined intervals, ...

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Compounding

Welcome to our lesson on finance related terms. Today, we will be discussing the concept of compounding, which is essential in understanding how to create wealth. Compoundin...

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