If your spouse is not working, you can establish a spousal IRA. You and your spouse can make IRA contributions of up to $6,000 and $7,000 if age 50 by December 31, 2020 each in 2020, providing your tax filing status is married/filing jointly and your combined earnings are at least equal to the contributed amount.
As a result, a couple can contribute a total of $13,000 in 2020, ($13,000 in 2019) if at least one of you is age 50 by December 31, 2020, and $14,000 if both of you are eligible for the catch-up provision.
Securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker-dealer (member FINRA/SIPC. Insurance products are offered through LPL or its licensed affiliates. Premier America Credit Union and Premier America Investment & Retirement Services are not registered as a broker-dealer or investment advisor. Registered representatives of LPL offer products and services using Premier America Investment & Retirement Services, and may also be employees of Premier America Credit Union. These products and services are being offered through LPL or its affiliates, which are separate entities from, and not affiliates of Premier America Credit Union or Premier America Investment & Retirement Services. CA Insurance License #0759204, TX Insurance License#1643255.
Securities and insurance offered through LPL or its affiliates are: