Spousal Individual Retirement Accounts

A Spousal IRA from Credit Union ONE lets you create an IRA for your non-working spouse. Choose a fixed-rate, fixed-term Certificate IRA or an IRA Savings account, or ask us about other options for your IRA investment. Talk to us. We're here to make retirement savings simpler.

Eligibility – General*

You may contribute to a Spousal IRA if:

• You are a working, married taxpayer.
• Your spouse earns less than the maximum allowed annual IRA contribution in yearly wages.

Eligibility – Traditional IRA:

• You and your spouse must file a joint tax return.
• The contribution may be deductible if one spouse isn't an active participant in an employer-sponsored retirement plan.
• Non-working spouses, whose name the Spousal IRA was created in, can't have reached 70½ (The contributing/working spouse may be older but can not contribute to a Traditional IRA).

Eligibility – Roth IRA:

• You and your spouse must file a joint return.
• Your Adjusted Gross Income (AGI) may determine your contribution eligibility*.
• As long as the working spouse qualifies, he or she can continue to make contributions even after the non-working spouse reaches 70½ years of age.

Contribution Limits

• $5,000 for year 2008 with potential cost of living adjustments
• No more than the maximum annual contribution between a Traditional and Roth IRA combined
• For people age 50 and over, a $1,000 "catch-up contribution" is allowed for the year 2008