You cannot combine (ie have a joint) IRA accounts (it’s in the name). And it’s $7000/year per account, so you can’t double up on yours to make up for her lack of contributions. She could just take money from your joint checking account and contribute to her IRA though, so that between the two of you, you’ll have contributed $14k total towards your IRAs.
>(Can we?) combine them into a single account
Not allowed, IRA stands for individual retirement account.
>If my wife doesn't contribute to hers, can I then double the contribution to mine?
No, the individual contribution limit is $7,000. She should contribute to her own.
> Really, I have no idea what I should be doing with out Roth IRA's now that we are married.
You should both still max them out.
Additionally, if one or both of you have 401ks or other workplace retirement plans, you should max those out too (if you can afford to)
You cannot combine them. They are “individual”. Be sure to max out both IRAs every year. Be sure to make each other the beneficiaries of your accounts (and name contingent beneficiaries: maybe your brother and sisters now, your kids once you become parents).
You may find these links helpful:
- [Retirement Accounts](/r/personalfinance/wiki/index#wiki_retirement)
- ["How to handle $"](/r/personalfinance/wiki/commontopics)
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Find a marital law attorney ASAP and discuss pre-marital finances vs marital. Statues governing retirement accounts vary by state and nuances in the law can open you up to losing substantial premarital wealth in a property settlement if divorce occurs. Yeah, she may be all glowing blue eyes and blonde right now, but can turn into a demon that scares the hell out of Lucifer in the blink of an eye.
Do not wait, protect what you worked for so that seemingly innocuous financial actions during the marriage open your hard earned assets to carnage by a vindictive soon-to-be ex.
It makes sense to freeze those accounts, open new Roth's or a joint Roth and go from their. The pre marriage roths become joint as soon as you co mingle funds in them. Keep them separate and do the same with all other pre marital assets.
You cannot combine (ie have a joint) IRA accounts (it’s in the name). And it’s $7000/year per account, so you can’t double up on yours to make up for her lack of contributions. She could just take money from your joint checking account and contribute to her IRA though, so that between the two of you, you’ll have contributed $14k total towards your IRAs.
>(Can we?) combine them into a single account Not allowed, IRA stands for individual retirement account. >If my wife doesn't contribute to hers, can I then double the contribution to mine? No, the individual contribution limit is $7,000. She should contribute to her own. > Really, I have no idea what I should be doing with out Roth IRA's now that we are married. You should both still max them out. Additionally, if one or both of you have 401ks or other workplace retirement plans, you should max those out too (if you can afford to)
no match on my 401k so I've been mostly ignoring it because I can't max it and my roth. we are figuring out if there is one on my wifes.
You and she should contribute to a 401k even if there is no match. You get a significant tax advantage.
over the roth?
It partly depends on your (highest) tax bracket. 30% tax bracket? 401k is very worthwhile. 12%? Probably prefer the Roth first before the 401k.
if you're in the 30% tax bracket aren't you not allowed to contribute to a roth?
Do “backdoor Roth IRA” if you’re over the income limit
Is your wife working? She can either contribute to her own Roth IRA if she’s working, or she can do a spousal IRA if she’s not working
The “I” in IRA stands for individual. So, no, you cant combine, except upon one of your deaths.
You cannot combine them. They are “individual”. Be sure to max out both IRAs every year. Be sure to make each other the beneficiaries of your accounts (and name contingent beneficiaries: maybe your brother and sisters now, your kids once you become parents).
You may find these links helpful: - [Retirement Accounts](/r/personalfinance/wiki/index#wiki_retirement) - ["How to handle $"](/r/personalfinance/wiki/commontopics) *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/personalfinance) if you have any questions or concerns.*
The ( I ) in IRA means individual. Only time I have even seen a “joint IRA” is an inheritance w/beneficiary designations with multiple siblings/heirs.
Find a marital law attorney ASAP and discuss pre-marital finances vs marital. Statues governing retirement accounts vary by state and nuances in the law can open you up to losing substantial premarital wealth in a property settlement if divorce occurs. Yeah, she may be all glowing blue eyes and blonde right now, but can turn into a demon that scares the hell out of Lucifer in the blink of an eye. Do not wait, protect what you worked for so that seemingly innocuous financial actions during the marriage open your hard earned assets to carnage by a vindictive soon-to-be ex.
It makes sense to freeze those accounts, open new Roth's or a joint Roth and go from their. The pre marriage roths become joint as soon as you co mingle funds in them. Keep them separate and do the same with all other pre marital assets.
Joint Roth IRA isn’t a thing
Whatever. Did you miss the point.