401k, Roth & Spousal IRA (traditional IRA)

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Topic Author
cordanmom
Posts: 20
Joined: Tue Jan 06, 2009 5:14 pm

401k, Roth & Spousal IRA (traditional IRA)

Post by cordanmom »

I was hoping for direction on making the most of our retirement accounts for 2008. For years my husband and I have maxed out his 401k and made the maximum contribution to a traditional IRA for myself (sometimes referred to as a spousal IRA). We had planned to open his first Roth IRA for 2008. Will opening a Roth IRA for him preclude me from adding to my IRA? Can we have all three retirement accounts? Our AIG is below 159K.
The best time to plant a tree was 20 years ago. The next best time is now. ~Chinese Proverb
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alvinsch
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Joined: Mon Feb 19, 2007 9:16 pm
Location: Northwest

Post by alvinsch »

Yes, you can have all three as each of you can contribute $5k to an IRA ($6k if you're 50 or older). As you noted, if your total AGI is below $159k he is eligible for a ROTH.
Topic Author
cordanmom
Posts: 20
Joined: Tue Jan 06, 2009 5:14 pm

Post by cordanmom »

Thanks so much for the help. I thought so, but appreciate the confirmation.
The best time to plant a tree was 20 years ago. The next best time is now. ~Chinese Proverb
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