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Anthony Penree
Financial Advisor
ABC Company
236 Broadway
Menands, NY 12204
Phone: 518-870-1081
Email: apenree@ltmclientmarketing.com
Website: ltmclientmarketing.com
While many Americans have difficulty putting enough money away for retirement, stay-at-home spouses have even greater difficulty due to typically low or no lifetime earnings. This can affect how much they get in Social Security benefits and via retirement plans. If this sounds familiar to you, take hope: There are ways to help ensure your retirement income.
A spousal IRA is one such vehicle, and it is no different than other IRAs except that the spouse needn’t have earned income. The reason? Contributions to the spousal IRA cannot exceed the total earned income of both spouses.
If you meet this requirement in 2019, you can contribute up to $6,000 to a traditional IRA, plus another $1,000 annually if you’re at least age 50. If you fall within income limits and you file a joint tax return, you also get a tax deduction for contributions. Your accounting professional can tell you more. And, if you’re looking for potentially tax-free withdrawals in retirement, you might opt for a spousal Roth IRA.
Unless you’re divorced or widowed, you can’t begin payments until your spouse does. If your spouse or ex-spouse is deceased, your benefit will be substantially higher, based on a variety of formulas, and up to almost 100% of what your spouse would have received.
Social Security benefits for those using a deceased spouse’s wages can begin at a variety of different ages (and affect the amount of payments), which your financial professional and Social Security office can help you understand.*
By understanding your retirement and Social Security rights as a stay-at-home spouse, you can help make your financial future more secure.
*https://www.ssa.gov/pubs/EN-05-10084.pdf
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ABC Company and LTM Marketing Specialists LLC are unrelated companies. This publication was prepared for the publication’s provider by LTM Client Marketing, an unrelated third party. Articles are not written or produced by the named representative. * Securities offered through ABC Company, Member SIPC, 45 Prospect Ave, Albany, NY 12206.
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