Retirement savings for unemployed spouse

[mousebandit]

Husband is employed, I am sahm.  His company does not offer a 401k, but he could contribute to an IRA, correct?

However, with me being unemployed, there is no retirement savings option for me, is there?  IRA requires earned income, correct?

So, only $5500 of his income can be pre-tax savings, correct? 

The only thing I can see, is if i have a side hustle making a profit and do a solo 401k? But that still doesn't shelter any his regular job income.

Am I missing something good here?  We will be looking to minimize the AGI in 2018.  Expecting $120,000 wages, four minor children. 

[dandarc]

Assuming you file jointly, and that there is no retirement plan at work, you both can contribute and deduct $5500 to traditional IRAs.  So that's 11K.

Even if your husband is covered by a retirement plan at work, you can deduct your tIRA at that income level.

https://www.irs.gov/retirement-plans/ira-deduction-limits

[mousebandit]

Thank you!  I was thinking IRA required earned income!  I will go read that link.  $11k is much better than $5500. 

[dandarc]

The single-earner, married household gets pretty favorable treatment from the government on the whole.  This is one of those areas.

[threefive]

My wife is a SAHM. I have a retirement plan at work, and we still qualify for the full $5,500 deduction for her IRA. The internet search term you need for more information is "spousal IRA" or "Kay Bailey Hutchison IRA".

[ltt]

I am a SAHM.  We contribute to a traditional IRA for me.