With a spousal Roth IRA, the IRS allows people who earn less than their spouse to contribute the maximum they would be allowed using the joint income reported on the tax return. Let’s say you are retired and make no income, but your spouse is still working part-time making $25,000 ...
Unlike a traditional IRA, which is tax-deductible, non-deductible IRA contributions are made with after-tax dollars. They provide no immediate tax benefit, similar to a Roth IRA.3At one time, contributions to IRAs weren't allowed past the age of 70½. This is no longer the case. You ...
That’s a great question. Before I answer, let me first say that HSAs offer outstanding tax benefits and are a great option for everyone to save money on health care costs (and they can even be used like an IRA for non-medical expenses at retirement age). If you don’t have one, ...