Funding IRAs When One Spouse Is Unemployed #ForeignServiceSpouses

Posted: 2:28 am ET
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There are over 11,000 Foreign Service adult family members overseas. As of April 2016, 57% are not employed (29% works inside the mission, 14% works outside the mission).  Funding an IRA when one spouse is unemployed is something that some FS spouses already do but if you’re not doing it, this is something you may want to talk about with your working spouse.

Via The Street:

Funding an IRA when one spouse is unemployed or taking a sabbatical can occur if the working spouse makes the contribution. The spouse who is earning income can support the contribution of the non-working spouse’s account, said John Bowen, a retail sales supervisor for Equity Institutional, a financial planning firm in Westlake, Ohio. Whether the spouse contributes to a company 401(k) is not relevant. The contribution can be up to $5,500 for people up to the age of 50 and $6,500 if you are 50 or older in 2016.

Read more about Roth IRA here.

 

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