Can a Non-Working Spouse Start a Roth IRA?


Quick Answer

A spousal Roth IRA is an account specifically created for a non-working spouse. According to RothIRA.com, a working spouse can contribute to a non-working spouse's Roth IRA as long as it is opened under the non-working spouse's name and Social Security Number.

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Full Answer

According to U.S. News and World Report, a spousal Roth IRA for a non-working spouse is a great way to increase retirement benefits for a married couple who has only one partner working, especially since the non-working spouse does not have access to a company 401(k) or similar retirement plan. The working spouse can make contributions up to the yearly limit for both Roth IRA accounts. All the money in a spousal IRA account belongs solely to the spouse whose name is on the account, no matter who made the initial contribution. In order to qualify, the couple must be officially married and they must also file their taxes jointly.

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