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Hello,

I'm trying to find a clear answer on this subject. I am aware of the IRA limits for yearly contributions and everything I have read indicates this is an individual limit.

Is the limit doubled if you are married or do we need to open a second IRA account in my wife's name? I have a Roth IRA now.

And on this same subject...I make 130K for my salary so I guesstimate that in due course I may no longer be eligible for contributions (I am 39 now). So, assuming I will have to open a second IRA in my wife's name, should I open a traditional account instead of another Roth? I mean, at least then I can still contribute something to it should I earn more than 160K even if there is no tax advantage any more.

My wife is not working at the moment but if she does decide to go back to work we would then obviously be over the limit.

So, in short, can I contribute 8K in "both of our names" to my IRA or do I have to open another one in my wife's name? And, if I do have to open another one, should I go for another Roth or a traditional IRA?
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