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Learning, Sharing, and Teaching => Investor Alley => Topic started by: Scuba Stache on May 27, 2014, 12:54:08 PM

Title: Changes in Retirement savings - Marriage
Post by: Scuba Stache on May 27, 2014, 12:54:08 PM
Hopefully a simple question. How do contribution limits change for retirement vehicles once married? I have been maxing my Roth and 401k for several years and recently got married. I did some googling, but was not finding a lot of data about how that changes when married filing jointly(other than income limits). Does the wife need a Roth in her own name to max or can I simply double the contributions in my own account I already have set up? If she does not have a 401k through work / traditional IRA on her own, can I contribute more to my work sponsored 401k?

Thanks!
Title: Re: Changes in Retirement savings - Marriage
Post by: Bourbon on May 27, 2014, 12:55:57 PM
No change Scuba, everything is a personal account.  She will need to get her own Roth/401k/etc.
Title: Re: Changes in Retirement savings - Marriage
Post by: geekette on May 27, 2014, 12:56:19 PM
Your limits are your limits, no matter if you're married or not, so no doubling up on the 401k.  You can set up a spousal IRA (http://money.usnews.com/money/blogs/on-retirement/2013/08/08/boost-retirement-contributions-with-a-spousal-ira), though, if your spouse doesn't work.
 
Title: Re: Changes in Retirement savings - Marriage
Post by: Frankies Girl on May 27, 2014, 01:22:51 PM
You will also want to make sure to update your beneficiay designations on all accounts. Transfer on death designations means they would pass directly to your beneficiary(s) amd avoid probate.
Title: Re: Changes in Retirement savings - Marriage
Post by: Scuba Stache on May 27, 2014, 01:25:22 PM
Great responses, thanks all!