What Happens When an Unemployed Mom Turns 65?
By Suze Orman – The Oprah Magazine:
You need to save for retirement even if you’re not generating income. One of the best ways is by opening a spousal Individual Retirement Account (IRA), an investment specifically tailored to nonworking spouses.
Typically, the IRS requires you to have earned income to open an IRA, but the spousal IRA is designed to allow full-time parents to keep retirement accounts funded by their partners’ incomes. Each person can set aside up to $4,000 a year in an IRA (if you’re 50 or older, the maximum contribution is $5,000).
The Roth IRA is an incredible deal. Find it out here.
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[…] MrsMoney added an interesting post today on Stay-At-Home Momsâ�� Retirement.Here’s a small reading:You need to save for retirement even if you’re not generating income. One of the best ways is by opening a spousal Individual Retirement Account (IRA), an investment specifically tailored to nonworking spouses. … […]