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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.

Life Cycle Fund

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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Tax-Free

A tax-free account that allows for the growth of earnings through interest, dividends, and capital gains without being subject to income tax. This type of account, such as a...

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Diversification

Diversification in finance refers to the practice of minimizing risk by investing in a variety of industries or companies rather than focusing on a single industry or a smal...

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Recharacterization

One important concept to understand in finance is the ability to reverse a Roth IRA conversion or to redesignate funds between different types of plans. This allows individu...

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