Comments on: Does Your Stay at Home Spouse Have an IRA?

By: Miranda

Miranda — Mon, 25 Apr 2011 12:48:57 +0000

That was the point. The article wasn’t saying a joint IRA. The article made the point that a spouse’s IRA MUST be separate, and that it can’t be joint.

By: Steve

Steve — Mon, 25 Apr 2011 03:37:59 +0000

There is no such thing as a joint IRA as mentioned in this article. I am not sure what the author is referring to.

By: PT

PT — Wed, 30 Jun 2010 22:10:08 +0000

A great reminder, Miranda. My wife and I both try and max out our Roth IRAs annually even though she stays at home. It’s a sacrifice, but I see it as only a smart thing. With 2 people, you get twice the tax savings.

By: Doug Warshauer

Doug Warshauer — Wed, 30 Jun 2010 11:56:54 +0000

@basicmoneytips.com

While it seems clear that taxes are going up in the near future, can you be confident about what tax rates will be like 30-50 years from now? For people in their 20s, 30s, and 40s, isn’t that the time frame they would need to think of in terms of comparing tax rates?

By: basicmoneytips.com

basicmoneytips.com — Wed, 30 Jun 2010 10:45:23 +0000

Good article. Of the options, I would certainly consider the ROTH IRA. Taxes are going up in the future, not down. The ROTH IRA insulates you from that. While you are contributing after tax income, it then grows and can be withdrawn tax free.

By: Cd Phi

Cd Phi — Tue, 29 Jun 2010 21:16:49 +0000

Yes, this is a conundrum for many young couples starting out, especially for mothers who may need to stay home and take care of the children. With this option, it makes it a lot better for those who have single-income households. I didn’t know about this option prior to reading this post.

By: James

James — Tue, 29 Jun 2010 20:34:13 +0000

this is really good information to have. it sounds like you have to have your ducks in a row but if you do you can save an additional $5000 per year and that is pretty awesome.

By: George

George — Tue, 29 Jun 2010 19:13:42 +0000

This will be extremely useful since I’ve never heard about this. I will ask about it at the bank today and see how I can get started. Thanks Miranda.

By: MoneyNing

MoneyNing — Tue, 29 Jun 2010 16:07:47 +0000

I think the IRA income limits are just part of the whole “the rich shouldn’t get as much tax incentives” theory. It’s the same philosophy that led to a progressive tax system, alternative minimum tax and many other tax incentives in our system.

By: Tracy

Tracy — Tue, 29 Jun 2010 16:07:28 +0000

That’s a really good idea. I think it’s important for both spouses to have savings for retirement and to start earlier rather than waiting until the stay at home spouse goes back to work to take advantage of the power of compound interest.