Retirement planning is essential for all families, according to a new analysis published by the Colcom Group, but it can be especially important for couples where one spouse earns little to no income.
This is a common client situation in 2025, with the aftereffects of the “great resignation” continuing to resonate in the workforce. Since the COVID-19 pandemic, workers have left their jobs in record numbers — whether to start their own businesses, handle care obligations or simply focus on what's important to them in life.
Fortunately, clients who are no longer working and earning income in traditional employment settings may still be eligible to contribute to a retirement account if they have a working spouse — via funding a spousal IRA.
“In such cases, a spousal IRA can be an effective and often overlooked tool to help build retirement savings for both partners, even if only one spouse is employed,” the Colcom Group report explains “It’s worth taking a closer look at how these accounts work and what the contribution limits are.”
Given their nuances, clients should be advised on the rules governing spousal IRA contributions as a way to keep retirement savings on track going forward, the report advises.
See the slideshow for a review of the features and planning opportunities associated with spousal IRAs.
Credit: Adobe Stock
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.