>My spouse is a SAHP. We are not legally married
Then you don't have a spouse as far as the IRS is concerned, you have a partner. Just because you call them a spouse doesn't mean they are eligible for spousal IRA contributions.
I fund my SAHP spouse's Roth IRA. We are legally married. That's the key here.
As long as you are unmarried, spouse needs to earn income up to the amount that is contributed. If you want to max it ($7k annually), they need to earn that much. Maybe doordashing or ubering on weekends?
Or, you can get married. If the barrier to marriage is simple money (saving for a big party) consider getting married now at the courthouse and then doing the party later. If there are other barriers to marriage, then don't rush into it but do keep an eye on all the legal protections and benefits that cone with it.
This is helpful thank you!
Honestly, the biggest barrier to marriage is with regard to him wanting to be in a better spot financially and the gender dynamics of our relationship (I’m the sole income earner/high earner, he switched careers and experienced a lot of lay offs in the last 4 years etc) might need to talk to him about the financial benefits for us both with marriage.
That's a totally valid reason to not get married. You could also consider a pre-nup. If they be earning any money for an entire year though, that's a huge flag and reason to delay legal comingling until it's fixed.
>What options are available to me to help contribute to their retirement?
get married.
this always astonishes me. people will live together, have kids together, put themselves into an incredibly vulnerable situation being an unmarried SAHP, yet they won't get married.
you dont need to have a $30k party to celebrate it, you can go to the courthouse and get it done, just need a witness and probably under $100 for any processing fees.
But you do often benefit on taxes, as would happen here. The lower- or non-earner is protected by potential alimony. In an emergency, a spouse is a presumed decision-maker rather than being treated effectively as a stranger for legal rights.
Marriage is just a legal contract, but it is a legal contract, and that has benefits.
>My spouse is a SAHP. We are not legally married Then you don't have a spouse as far as the IRS is concerned, you have a partner. Just because you call them a spouse doesn't mean they are eligible for spousal IRA contributions.
You need to be married filing jointly for him to count your earned income towards IRA eligibility.
I fund my SAHP spouse's Roth IRA. We are legally married. That's the key here. As long as you are unmarried, spouse needs to earn income up to the amount that is contributed. If you want to max it ($7k annually), they need to earn that much. Maybe doordashing or ubering on weekends? Or, you can get married. If the barrier to marriage is simple money (saving for a big party) consider getting married now at the courthouse and then doing the party later. If there are other barriers to marriage, then don't rush into it but do keep an eye on all the legal protections and benefits that cone with it.
This is helpful thank you! Honestly, the biggest barrier to marriage is with regard to him wanting to be in a better spot financially and the gender dynamics of our relationship (I’m the sole income earner/high earner, he switched careers and experienced a lot of lay offs in the last 4 years etc) might need to talk to him about the financial benefits for us both with marriage.
That's a totally valid reason to not get married. You could also consider a pre-nup. If they be earning any money for an entire year though, that's a huge flag and reason to delay legal comingling until it's fixed.
>What options are available to me to help contribute to their retirement? get married. this always astonishes me. people will live together, have kids together, put themselves into an incredibly vulnerable situation being an unmarried SAHP, yet they won't get married. you dont need to have a $30k party to celebrate it, you can go to the courthouse and get it done, just need a witness and probably under $100 for any processing fees.
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But you do often benefit on taxes, as would happen here. The lower- or non-earner is protected by potential alimony. In an emergency, a spouse is a presumed decision-maker rather than being treated effectively as a stranger for legal rights. Marriage is just a legal contract, but it is a legal contract, and that has benefits.
Will you get married sometime in 2024? If you aren't married, your spouse cannot contribute to a Roth IRA without earned income.
You navigate this by getting legally married.
Complex problems, simple solutions. Thanks!