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To build retirement savings and Social Security benefits, you generally need the types of earned income from which payroll taxes and retirement plan contributions come. But even if you never earned income, you may still qualify for certain spousal benefits.
Because women may earn less, on average, than men for doing the same work, women are often lagging in retirement readiness. A spousal IRA can help a lower-paid or even non-working spouse save for retirement, as long as the working spouse has enough income to offset contributions from both spouses.
Income limits, age restrictions and access to an employer-provided qualified retirement plan will determine the tax deductibility of a spousal IRA. However, owners of any IRA get to enjoy tax-deferred growth potential. Owners of traditional IRAs typically pay ordinary income tax on retirement withdrawals, while qualified distributions from Roth IRAs are tax-free.
If your spouse begins receiving benefits before or after full retirement age, your spouse’s — and your — monthly benefit will vary depending on when benefits begin. If you take benefits before your spouse’s full retirement age, Social Security reduces the benefit permanently. If you take benefits after this age, benefits permanently increase
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