<p>-
- Suze Orman: How To Boost Retirement Savings With a Spousal IRA</p>
<p>Crystal MayerAugust 17, 2025 at 9:02 PM</p>
<p>Drazen Zigic / iStock.com</p>
<p>Millions of Americans work in the home without getting paid. According to the Pew Research Center, 18% of parents are stay-at-home moms and dads. Beyond parenting, millions of adults care for elderly relatives or siblings with special needs without receiving a paycheck. While this unpaid work often saves families thousands of dollars a month, it can make saving for retirement a challenge.</p>
<p>Read More: Self-Made Millionaires Suggest 5 Stocks You Should Never Sell</p>
<p>Find Out: 6 Low-Risk Ways To Build Your Savings in 2025</p>
<p>Personal finance expert Suze Orman understands that earned income isn't always a reality. In her recent blog, "Boost Retirement with a Spousal IRA," she explains how non-working spouses can still build retirement savings.</p>
<p>Trending Now: Suze Orman's Secret to a Wealthy Retirement--Have You Made This Money Move?</p>
<p>The Hardest Job in the World</p>
<p>Few would argue that staying at home to care for a child, parent or loved one isn't demanding. If stay-at-home parents were compensated for all the work they do, Salary.com estimates their median annual salary would be $184,820.</p>
<p>In reality, caregivers remain on call 24 hours a day, with no overtime, paid benefits or raises. And because they don't receive earned income, they typically can't contribute to an Individual Retirement Account (IRA). However, there is one option: A spousal IRA, which allows a non-working spouse to contribute as long as their partner has earned income.</p>
<p>What Is a Spousal IRA?</p>
<p>As reported by U.S. News & World Report, the IRS allows a working spouse to make an IRA contribution on behalf of a spouse who isn't working, often referred to as a Spousal IRA. For 2025, a person who is 49 years or younger may contribute $7,000 to an IRA, and a person who is 50 years old or older may contribute $8,000.</p>
<p>This means an eligible couple could contribute as much as $16,000 combined, depending on age. With a traditional IRA, contributions are tax-deductible in the year they are made, but withdrawals in retirement are taxed.</p>
<p>Discover Next: Suze Orman's Top Tip for Building Wealth Is a 'Very Easy One'</p>
<p>Can a Non-Working Spouse Contribute To a Roth IRA?</p>
<p>Many people are aware of the tax advantages associated with a Roth IRA. Unlike a traditional IRA, where taxes are deferred until withdrawal, money contributed to a Roth IRA is done with income that has already been taxed. Therefore, there aren't any immediate tax benefits, but when the money is withdrawn, it is done 100% tax-free.</p>
<p>While this may be ideal for some couples, there are limitations as to who can contribute to a Roth IRA. As noted in Orman's article, the joint modified adjusted gross income (MAGI) must be below $236,000 for a couple to contribute the maximum to a Roth IRA in 2025.</p>
<p>Can All Non-Working Spouses Contribute To an IRA?</p>
<p>While many non-working spouses with a spouse who has earned income will be able to take advantage of a spousal IRA, there are some rules. First, the couple must be married and file a joint federal tax return. Second, the tax return must show earned income from at least one spouse.</p>
<p>It is important to note that while many people may be able to take advantage of a Spousal IRA, it is always best to consult with a tax professional before filing. A tax expert can help provide guidance on the legalities behind a Spousal IRA and ensure that all qualifying criteria are met.</p>
<p>More From GOBankingRates</p>
<p>New Law Could Make Electricity Bills Skyrocket in These 4 States</p>
<p>I'm a Self-Made Millionaire: 6 Ways I Use ChatGPT To Make a Lot of Money</p>
<p>5 Strategies High-Net-Worth Families Use To Build Generational Wealth</p>
<p>7 Wealth-Building Shortcuts Proven To Add $1K to Your Wallet This Month</p>
<p>This article originally appeared on GOBankingRates.com: Suze Orman: How To Boost Retirement Savings With a Spousal IRA</p>
<a href="https://data852.click/5a32cd58501e613bf372/ee0a75caf0/?placementName=default" class="dirlink-1">Original Article on Source</a>
Source: "AOL Money"
Source: AsherMag
Full Article on Source: VOUX MAG
#LALifestyle #USCelebrities
0 Comments