Spousal Individual Retirement Accounts
If you and your spouse are looking to build retirement assets but only have one source of income, a Spousal IRA is a great option. They are FDIC-insured and offer guaranteed returns despite market changes.
Spousal IRAs allow earnings to grow on a tax-deferred basis until withdrawals begin, and contributions might be tax deductible depending on your income, tax filing status and coverage by an employer-sponsored retirement plan. Rate tiers are available to earn you more interest the more you invest.
Married couples must file a joint tax return to be eligible, and contributions must be made in the spouse’s name with no earned income. The spouse must be under the age of 70 ½.
Bank SNB’s $15 annual fee is waived if you also have a Relationship Checking account.
Explore our retirement calculators, or call 888.762.4762 for more information about the IRA that’s right for you.
All questions regarding tax deductions and withdrawal limits for taxable purposes should ALWAYS be discussed with a tax advisor.