Spousal IRA
For when only one partner is working.
Saving for you and your spouse’s retirement? This is the option for you!
For People Who…
- Are the only working spouse
- Want the flexibility to choose between a Traditional or Roth IRA
Benefits
- Make an annual contribution up to $12,000.
- Two separate accounts---one for each spouse.
- If you are 50 years of age or above, you may make additional contributions of $1,000 per year.
Features
- The rules of the account depend on whether or not you choose to make it a Traditional or Roth IRA.
- To open, you must plan on filing a joint tax return when it comes time to do your taxes.
- No more than $6,000 deposited into either account annually.
Additional Information
- A working spouse may open an IRA for a spouse who is not earning compensation. It may be established as a Traditional or Roth IRA.
- The IRA contributions are placed in two separate accounts---one for each spouse.
- You may make an annual contribution up $12,000 or 100% of the working spouse’s compensation, whichever is less, with no more than $6,000 deposited into either account annually.
- If you are 50 years of age or above, you may make additional contributions of $1,000 per year.
- To open, you must plan on filing a joint tax return when it comes time to do your taxes.
Ways to Apply
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