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Message
Spouse Roth IRA
Posted on 12/29/22 at 10:28 am
Posted on 12/29/22 at 10:28 am
I am working on cleaning up some of my finances at the end of the year and I had a question about a Roth IRA for my wife (no pics). I am 28 years old and we just married this past year. We will be filing taxes jointly. I have had a Roth for myself that I have been maxing the past few years, but she has been only contributing a relatively small amount to her employers retirement. My question is essentally can I open another Roth IRA in her name within my same Fidelity account so that I can manage it all under one login?
Do any of you have a Roth IRA for your spouse that you also contribute to?
Side question - I am not maxing out my employer 401k, I have only been contributing the amount required to maximize my employer match. We have been doing well saving money, so I have been thinking about increasing my contribution to the 401k above what my employer would match. If I move forward with an a Roth IRA for my wife, would you prioritize maxing that out over increasing the 401k contribution?
Do any of you have a Roth IRA for your spouse that you also contribute to?
Side question - I am not maxing out my employer 401k, I have only been contributing the amount required to maximize my employer match. We have been doing well saving money, so I have been thinking about increasing my contribution to the 401k above what my employer would match. If I move forward with an a Roth IRA for my wife, would you prioritize maxing that out over increasing the 401k contribution?
6
Posted on 12/29/22 at 10:48 am to Rob Perillo
Order of operations wise, 401K up to employer match and then Roth IRA. Once Roth is fully funded, back to the 401k.
Posted on 12/29/22 at 10:50 am to lynxcat
quote:Seconded
Order of operations wise, 401K up to employer match and then Roth IRA. Once Roth is fully funded, back to the 401k.
Posted on 12/29/22 at 10:50 am to Rob Perillo
[quote]My question is essentally can I open another Roth IRA in her name within my same Fidelity account so that I can manage it all under one login?[/quote
She will have to have her own login to see her Roth.
Your cash management account will show up under both login's IF it is set up as a joint account.
Sign up for the 2% credit card if you don't already have it.
She will have to have her own login to see her Roth.
Your cash management account will show up under both login's IF it is set up as a joint account.
Sign up for the 2% credit card if you don't already have it.
This post was edited on 12/29/22 at 10:56 am
Posted on 12/29/22 at 11:07 am to Rob Perillo
Not sure about fidelity, but with vanguard I essentially did the same thing.
My wife had to have her own login etc, and set up her account. However, I was able to be to set up as the custodian on the account and link it to my account. So when I log into my account I can manage mine and hers.
I would assume fidelity would have some type of similar arrangement.
My wife had to have her own login etc, and set up her account. However, I was able to be to set up as the custodian on the account and link it to my account. So when I log into my account I can manage mine and hers.
I would assume fidelity would have some type of similar arrangement.
Posted on 12/29/22 at 11:19 am to Rob Perillo
Y’all should both buy hoth baw, if it goes above 12 it’s going to 40
Posted on 12/29/22 at 11:25 am to Rob Perillo
Do you have a Health Savings Account (HSA)? That’s one other savings vehicle that can influence order of operations. It’s only available if you have a high deductible health plan.
Posted on 12/29/22 at 2:27 pm to lynxcat
I do not have an HSA. I do have the high deductible plan I believe, but I need to become more well read on medical insurance / HSA / etc. in general. I am fortunate to be in good health and have been to the doc maybe once in the past several years. We may be looking to start a family in the near future so I am sure that is something that I need to look into.
Posted on 12/29/22 at 2:30 pm to el Gaucho
Thanks for the tip. Looks prime to dump my full 2023 allocation.
Keep doing the Lord's work!
Keep doing the Lord's work!
Posted on 12/29/22 at 3:21 pm to Rob Perillo
With a high deductible plan, it’s likely that you have access to an HSA. I highly recommend you utilize this - it is the most tax efficient savings vehicle in the entire tax code. You can put dollars in pre-tax, grow it tax free, and use the dollars tax free for qualified expenditures. It’s one of the only mechanisms to invest where the government never taxes it. I actually believe it should be ahead of the Roth IRA in order of ops due to the tax efficiency.
Posted on 12/29/22 at 4:40 pm to lynxcat
Question about the HSA.....what are the qualified expenditures for use of HSA?
Posted on 12/29/22 at 5:19 pm to DRTiger67
Just about anything that is somewhat health related. I’m sure there is a nuanced list somewhere with some exceptions…
Posted on 12/29/22 at 5:46 pm to DRTiger67
It’s very broadly defined. You’d need to look up the specific thing you are wanting to use the funds on.
Posted on 12/29/22 at 8:40 pm to DRTiger67
HSA is best if you're plan has good investment options and you can afford to pay for medical expenditures out of pocket. Just keep the receipts and use them years later for tax free withdrawals after the account has had ample time to grow.
Posted on 12/30/22 at 7:45 am to Rob Perillo
quote:
If I move forward with an a Roth IRA for my wife, would you prioritize maxing that out over increasing the 401k contribution?
Do you have a Roth option at work?
Posted on 12/30/22 at 11:44 am to Puffoluffagus
I have Vanguard and my wife and I can see each others accounts from either login
Posted on 12/30/22 at 2:54 pm to DRTiger67
quote:
Question about the HSA.....what are the qualified expenditures for use of HSA?
IRS has a surprisingly informative and easy to read doc that includes a list of what does and does not qualify.
IRS.gov publication link
Thanks to earlier poster who did a nice job of outlining HSA's hierarchy in order of tax benefits. Had been procrastinating looking into them. This was a good motivator.
Posted on 12/30/22 at 5:23 pm to TorchtheFlyingTiger
quote:
Just keep the receipts and use them years later for tax free withdrawals after the account has had ample time to grow
So basically I can withdraw that money for a vacation later down the road if I want? As long as I keep receipts from my paying out of pocket for medical expenses?
Posted on 12/31/22 at 12:56 pm to HermanBoone
Yes you could withdraw later for vacation or anything provided you have previous eligible expenses you paid out of pocket. Its better to let it grow and compound as long as possible though and only withdraw when you must or after you you're done with wealth accumulation phase of life.
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