A Guide to Spousal IRAs: Building a Financial Legacy Together

At Purse Strings, we believe every woman deserves the tools and knowledge to protect her financial future—no matter what season of life she’s in. Whether you’re stepping out of the workforce to raise kids, care for a loved one, or support a partner’s career, your financial goals shouldn’t go on pause. That’s where a Spousal IRA comes in. In this Money Talks session, we sit down with Lauren Genuardi to break down everything you need to know about Spousal IRAs.

What’s a Spousal IRA—And Why Should You Care?

A Spousal IRA lets a working spouse contribute to an IRA for their non-working or lower-earning partner—as long as you’re filing taxes jointly. It’s a powerful way to keep retirement savings on track when one partner isn’t earning income, often due to caregiving or life changes.

We often see this with women in the “sandwich generation”—juggling child care and elder care—and putting their own financial future last. A Spousal IRA helps you reclaim your seat at the financial table.

Why So Many Couples Miss This Opportunity

Too often, couples don’t know this option exists. Sometimes even financial pros don’t bring it up. That’s why it’s so important to **ask questions, get curious**, and work with professionals who understand the unique financial journeys of women.

Your Two Main Options: Roth vs. Traditional

Just like a regular IRA, you’ve got choices:

• Traditional Spousal IRA: Contributions may be tax-deductible now, but withdrawals will be taxed in retirement.
• Roth Spousal IRA: No upfront tax break, but the money grows tax-free—and you can withdraw it tax-free in retirement.

Your choice depends on your current income, future goals, and tax situation—another reason to chat with a trusted financial pro.

How to Get Started

• Talk with a financial advisor – who understands women’s financial needs. Not every advisor does—so choose someone who listens.
• Pick a provider – like Schwab, Fidelity, or Vanguard. These firms offer user-friendly, low-cost IRA options.
• Open the account – no special form needed. You’ll simply open a Roth or Traditional IRA in your name and fund it using your household’s income.

Why It Matters

This isn’t just about money. It’s about security, autonomy, and recognition. Too often, women step out of paid work and stop saving for retirement. A Spousal IRA ensures that caregiving years aren’t “lost years” when it comes to financial independence. It’s one way to honor all the invisible labor women do—and protect their future in the process.

Quick Tips & Common Questions

• You must file taxes jointly to qualify.
• Consider paying a family caregiver a wage so they can contribute to their own IRA.
• Don’t just keep everything in joint accounts—everyone needs assets in their own name for true security.
• Always name a primary and contingent beneficiary for the IRA to avoid complications down the road.

At Purse Strings, we believe money is freedom—and knowledge is power. Whether you’re working full-time, part-time, or doing the unpaid work that keeps your household running, you deserve to build a secure, independent financial future.

Join us for our weekly Money Talks session, where we break down real-life money topics. To explore our Purse Strings Approved Professionals, check out our directory to find an expert!