Your spouse may establish a Traditional IRA for a non-working spouse. However, there are some guidelines to follow. You must be married and have filed a joint income tax return. This is a wonderful way for a spouse to create a retirement nest egg for a non-working spouse. There are some contribution limitations within a year, so make sure that you work with a certified Financial Planner when setting up a Traditional IRA for your spouse.
|Jennifer Mathes, Ph.D.|