An individual retirement arrangement under which an IRA is established for a non-working spouse and is funded with contributions from the working spouse. Spousal and non-spousal IRAs are subject to combined annual contribution limits and must meet certain requirements. Contributions to a traditional IRA may be fully or partially deductible, depending on your individual circumstance. Distributions from traditional IRAs and most other employer-sponsored retirement plans are taxed as ordinary income and, if taken before age 59_, may be subject to a 10% federal income tax penalty. Generally, once you reach age 70_, you must begin taking required minimum distributions.<\/p>\n","protected":false},"excerpt":{"rendered":"
An individual retirement arrangement under which an IRA is established for a non-working spouse and is funded with contributions from the working spouse. Spousal and non-spousal IRAs are subject to […]<\/p>\n","protected":false},"author":4,"featured_media":0,"menu_order":74,"template":"","meta":{"inline_featured_image":false},"_links":{"self":[{"href":"https:\/\/scrantonfg.com\/wp-json\/wp\/v2\/glossary\/1135"}],"collection":[{"href":"https:\/\/scrantonfg.com\/wp-json\/wp\/v2\/glossary"}],"about":[{"href":"https:\/\/scrantonfg.com\/wp-json\/wp\/v2\/types\/glossary"}],"author":[{"embeddable":true,"href":"https:\/\/scrantonfg.com\/wp-json\/wp\/v2\/users\/4"}],"version-history":[{"count":0,"href":"https:\/\/scrantonfg.com\/wp-json\/wp\/v2\/glossary\/1135\/revisions"}],"wp:attachment":[{"href":"https:\/\/scrantonfg.com\/wp-json\/wp\/v2\/media?parent=1135"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}