Ira

[mjollinar]

Is it better for a married couple to have a joint IRA or two individual accounts?

[Snodog]

As far as I know you can't have a joint Individual Retirement Account.

[dczech09]

You cannot have "joint" individual retirement arrangements. Joint and individual are the key words here.

The rule is that both people in a marriage can have an IRA. So that is two IRAs for the household. $5,000 limit per person is $10,000 for the household (or earned income, whichever is less).

The really cool thing about married couples is that you can "piggy back." Let's say you earn $50,000 per year and your spouse makes $0. Your spouse can "piggy back" off of your earned income and still contribute $5,000 per year, even though they themselves did not have an income.

You each will have your own IRA, but you can treat them as if they are "both of yours."

[disneysteve]

So that is two IRAs for the household. $5,000 limit per person

Actually, for 2013, the limit has been raised to $5,500 ($6,500 if you are 50 or over) so $11,000 for the couple. Of course, there is still time to fund your 2012 IRAs and the limit for those is $5,000.

[dczech09]

Actually, for 2013, the limit has been raised to $5,500 ($6,500 if you are 50 or over) so $11,000 for the couple. Of course, there is still time to fund your 2012 IRAs and the limit for those is $5,000.

Good point DS! Actually I just raised my contributions to $5,500 so I should know this