Spousal IRAs?

MeganFae · **Spousal IRAs?**

I am a SAHM and DH and I are thinking about setting up a spousal IRA for me. Anyone have one of these? Who do you talk to about getting one? Know any good websites/books I can look at to get more info?
Thanks!

vickilynn · 07-11-2008, 01:16 PM

It would depend what you want to use for your IRA. Savings accounts, money market accounts, or CDs can be set up as IRA's through your bank. If you're looking for mutual funds or other investments, you'd need to get an account through an investment company. I have a mutual fund with Vanguard for my IRA. Most have fees, but this one does not. DH doesn't like to take risks, so every year he buys a CD for his IRA. We both put the same amount in each year. It's sort-of a contest between us to see which will have best return. I was ahead for a long time, but lately, with the markets dropping - he's ahead.

MeganFae · 07-11-2008, 02:50 PM

Quote:

Originally Posted by vickilynn

It would depend what you want to use for your IRA. Savings accounts, money market accounts, or CDs can be set up as IRA's through your bank. If you're looking for mutual funds or other investments, you'd need to get an account through an investment company. I have a mutual fund with Vanguard for my IRA. Most have fees, but this one does not. DH doesn't like to take risks, so every year he buys a CD for his IRA. We both put the same amount in each year. It's sort-of a contest between us to see which will have best return. I was ahead for a long time, but lately, with the markets dropping - he's ahead.

lol about having a contest.

dh and i are really competitive. He'd love that!