"A spousal IRA is a special IRA that allows a working spouse to contribute funds to a non-working spouse's retirement account, aiding their financial future."
"A taxable brokerage account can provide flexibility for future withdrawals, making it a sound investment strategy alongside retirement accounts."
The article discusses effective strategies for ensuring a non-working spouseâs financial security, particularly in cases where one partner stays home with children. It highlights the benefits of a spousal IRA, which allows a working spouse to make contributions on behalf of their non-working partner, maintaining retirement savings despite a lack of individual earned income. Additionally, the article suggests using a taxable brokerage account for its flexibility, providing easy access to funds without the restrictions imposed by IRAs, making it a suitable complement to retirement-focused investments.
Read at 24/7 Wall St.
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