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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.

IRA Rollover

When discussing financial planning, one important term to understand is "rollover." This refers to the transfer of funds from one qualified retirement plan, such as a 401(k)...

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Substantially Equal Periodic Payments

One commonly used method for accessing funds from an IRA before reaching the age of 59½ is through substantially equal payments. This approach allows for penalty-free distri...

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Self-directed IRA

An Individual Retirement Account (IRA) is a powerful tool for saving for retirement. It allows individuals to choose their own investment options, tailored to meet their spe...

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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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