Most working Americans can consider two types of IRAs: a traditional IRA and a Roth IRA. Both can be a great way to build up tax-advantaged wealth for retirement.
Most folks do not know that a Spousal IRA can be used to increase tax-advantaged retirement savings and strategically optimize tax deductions. It can be used when one spouse is not covered by a workplace retirement plan.
Sean Mullaney is an advice-only financial planner and the President of Mullaney Financial & Tax, Inc. Through Mullaney Financial & Tax, Sean provides advice-only financial planning for a flat fee. We hosted Sean on the Modern Husbands podcast, an episode that will be released in early 2024. I have never heard anyone better explain taxes in plain language.
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In his post below, Sean explains the ins and outs of a spousal IRA.