5 Social Security Spousal Benefits and Loopholes You Need to Know Now

2. Spousal IRA Contributions

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If a spouse has limited or no income, Spousal IRA contributions can help a working spouse contribute to an individual retirement account (IRA) in the name of their non-working partner. Whether opting for a Traditional or Roth IRA, this allows couples to maximize their contributions, potentially reaching up to $14,000 or more annually. The significant advantage lies in supporting the non-working spouse’s retirement savings during periods out of the workforce, such as when raising children.