Dear Need, Saving for retirement can be very difficult for married spouses who stay home to care for family or otherwise have ...

How an IRA works. For traditional IRAs and Roth IRAs, the contribution limit for 2024 and 2025 is $7,000. If you are 50 or older, you can make a “catch-up” contribution of $1,000.

A traditional IRA is a type of retirement account that allows you to save pre-tax money to use in your retirement years. Traditional IRAs are tax-advantaged accounts funded with after-tax dollars ...

For 2024, a traditional IRA has a $7,000 annual contribution limit. There is also a $1,000 catch-up contribution limit for those 50 years old and older. For 2023, the SIMPLE IRA limit is $15,500.

Here’s how the Roth IRA works, what it offers and how it compares to a traditional IRA. If you already know you want a Roth IRA, it’s tremendously easy to open one and get started.

"What can you tell me about spousal IRAs? My spouse and I are in our 50s and are looking for ways to boost our retirement ...

The strategy involves making a nondeductible contribution to a traditional IRA and then converting it to a Roth IRA. In 2024, you can contribute up to $7,000 — or $8,000 if you’re 50 or older ...

Spousal IRAs allow working spouses to contribute to an IRA for a non-working spouse. Spousal IRAs are the same as Roth or traditional IRAs but are designed for married couples.

Although a self-directed IRA shares many of the same overall characteristics of a traditional IRA, it has some differences. Read Next: 4 Unusual Ways To Make Extra Money That Actually Work ...

IRA-to-IRA rollover: If you roll over funds from one traditional IRA to another traditional IRA or from one Roth IRA to another Roth IRA, the transaction generally will not be taxable.

Nondeductible IRAs are similar to traditional IRAs, except they use after-tax contributions. It's generally used by people who earn more than the IRA income limit.