With February 14th being Valentine's Day, a contribution to your Spouse's IRA or Roth IRA may be a great way to show your love!
Even if your spouse has no income, you are able to make a "spousal" contribution on their behalf. You can even make it retro-active as a 2022 year contribution up until April 15th or the date of filing your taxes, whichever comes sooner.
They would need to establish their own account though. The limits for a non-working spouse are the same as a wage-earners' limits.
For 2023, the maximum contribution is $6,500 (or up to 100% of earnings) plus an additional $1,000 if they are age 50 or older this year. Show them your love by buying them a little financial security for the future.
For more Tips and Strategies, check out one of our upcoming FRS Workshops at www.FRSWorkShop.com or give us a call at 386-299-2893.