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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.

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...

A life cycle fund, also known as a target date fund, is a type of mutual fund that adjusts its level of risk according to the age of its owner. As the investor approaches re...

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Excess Contribution

An IRA contribution that surpasses the maximum legal limit is considered an excess contribution and is subject to penalty taxes. These taxes are imposed for each year that t...

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Suitability Standard