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flowerssmellnice OP t1_j2dp8qg wrote

Reply to comment by sandra426 in Stay at home parent retirement planning? by flowerssmellnice

So can wewe contribute $12k/year since it is joint? My husband already maxes out his contribution

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bros402 t1_j2dtdr2 wrote

You can put 6k in yours, he can put 6k in his

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sandra426 t1_j2dpr6e wrote

My understanding is that he can max out his 401K or traditional IRA contribution and then you can each contribute $6000 for a total of $12K/year to a Roth IRA. BTW, if you were to split up, you would be entitled to half of his 401K earnings since you didn’t work during the marriage.

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bowoodchintz t1_j2e3lyt wrote

He can max out his 401(k) AND ( not or) an IRA, AND she can max her own IRA, also known as a spousal IRA, for a total of $12,000 in combined IRA contributions.

Also, she would not be automatically entitled to half of his 401k earnings in a divorce. I’ve noticed you are giving advice that is incorrect, more than once. Please consider deleting or editing your comments, they could negatively impact others, and perpetuate poor understanding of personal finance.

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sandra426 t1_j2dpwa9 wrote

And try not to think of the Roth IRA as joint. All IRAs are individual accounts.

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