How to Secure Your Non-Working Spouse’s Retirement. If you are the main breadwinner for your household, and your spouse doesn’t work a traditional job, you may be concerned about how to make sure their retirement is covered. Luckily, there are many things you can do to make sure that they are taken care of when they do retire, even though they are not able to contribute to a retirement fund through employment.
Contribute to a Spousal Roth IRA
One way to make sure your partner is cared for is to contribute to a spousal Roth IRA. Married couples are the one exception to the general requirement of generating income to qualify for an IRA. As long as one spouse makes enough to contribute for both spouses, you won’t have a problem taking care of an IRA for a stay-at-home parent or other non-working spouse. If you and your spouse are under fifty, you can put up to 6,000 dollars a month towards their IRA, and if you are over fifty, that amount goes up to 7,000. This allows for you and your spouse to both be well taken care of in retirement even if only one of you works during your marriage.
Protect Your Family with Life Insurance
Another thing you can do to ensure your non-working spouse is taken care of in retirement is to invest in life insurance. About 20% of the population says they don’t have enough life insurance. When you are young, life insurance can seem unnecessary, but it can actually be a great and affordable time to start investing, and it can really pay off if the unexpected were to happen in the future. Depending on your work, health, and life status, different kinds of life insurance may be most appropriate for your needs, so talk to us at TCG Insurance Solutions to find the right fit for you and your family. We have many life insurance options available to you regardless of where you are in life.
Build Savings and Investments
In addition to these more formal ways of preparing for your spouse’s retirement, being careful about your finances, saving money, and investing wisely can go a long way towards making your retirement peaceful and financially secure. Talk to a financial expert to figure out what investments make the most sense for your budget and your financial goals so you can set yourself and your spouse up for a promising retirement that gives you the opportunity to do everything you want to do.
Preparing for retirement, especially for your non-working spouse can feel complicated and scary, but if you start taking the steps now you can ensure that you both have the financial security you need in your retirement years.
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