No. of Recommendations: 0

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?
Print the post  


The Retirement Investing Board
This is the board for all discussions related to Investing for and during retirement. To keep the board relevant and Foolish to everyone, please avoid making any posts pertaining to political partisanship. Fool on and Retire on!
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.