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A spouse who stays at home to take care of children or other dependents is likely to have reduced Social Security benefits and will not have access to a workplace retirement plan. So a spousal Individual Retirement Account (IRA) can be an important step to enabling retirement security. An IRA is a tax-advantaged way to accumulate money for retirement. In order to contribute to an IRA you must have taxable compensation. But if your spouse has taxable compensation and you file a joint return, then you can fund an IRA. This 2-page fact sheet was written by Lisa Leslie, and published by the UF Department of Family, Youth and Community Sciences, November 2014.
References
Internal Revenue Service. 2014. Individual Retirement Arrangements (IRAs). Retrieved September 23, 2014 from http://www.irs.gov/Retirement-Plans/Individual-Retirement-Arrangements-(IRAs)-1.
Internal Revenue Service. 2014. IRA Deduction Limits. Retrieved October 23, 2014 from http://www.irs.gov/Retirement-Plans/ci.IRA-Deduction-Limits.com.
Internal Revenue Service. 2014. 2015 IRA Deduction Limits-Effect of Modified AGI on Deduction if You Are Covered by a Retirement Plan at Work. Retrieved October 23, 2014 from http://www.irs.gov/Retirement-Plans/2015-IRA-Deduction-Limits-Effect-of-Modified-AGI-on-Deduction if-You-Are-Covered-by-a-Retirement-Plan-at-Work.