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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.

Age Rule

In order to contribute to a Traditional IRA, it is important to note that an individual must be under the age of 70 ½ for the entire year. This is a crucial rule to keep in ...

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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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Education IRA

A Coverdell Education Savings Account, also known as an ESA, is a tax-advantaged investment account designed to help families save for their children's education expenses. I...

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Roth IRA Conversion

When considering the distribution of assets from a Traditional IRA into a Roth IRA, it is important to understand the potential tax implications. A Traditional IRA allows fo...

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