mountainsoft
Thinks s/he gets paid by the post
I opened a Roth IRA last year and am slowing converting my traditional to the Roth. We opened a second Roth IRA for my wife yesterday so we can set aside a bit more tax free money for retirement. Now with two Roth's in the family, I started scheming for the future.
I know IRA's are for individuals, but is there any way to combine the assets once we are retired? Maybe sell her IRA funds and buy more of my IRA funds? Technically it would still be my individual IRA account, but it would combine the funds of our two accounts into one. As long as we didn't exceed the annual contribution limit and one of us was still earning enough income to qualify for the contribution I would think it would work. Since they're both Roth accounts I wouldn't think any taxes would be involved?
Of course, there's probably no point to this. It would probably be easier just to withdraw from her account first (assuming her balance was smaller). But I'm always looking for ways to simplify whenever possible.
I know IRA's are for individuals, but is there any way to combine the assets once we are retired? Maybe sell her IRA funds and buy more of my IRA funds? Technically it would still be my individual IRA account, but it would combine the funds of our two accounts into one. As long as we didn't exceed the annual contribution limit and one of us was still earning enough income to qualify for the contribution I would think it would work. Since they're both Roth accounts I wouldn't think any taxes would be involved?
Of course, there's probably no point to this. It would probably be easier just to withdraw from her account first (assuming her balance was smaller). But I'm always looking for ways to simplify whenever possible.