The Spousal IRA offered by Mutual of America allows individuals to contribute up to $6,000 annually to an IRA for a spouse who does not have earned income, facilitating a combined contribution of up to $12,000 per tax year for both spouses. The tax deductibility of these contributions may vary based on the couple's filing status, adjusted gross income, and whether the spouse is covered by an employer's retirement plan. Additional 'catch-up' contributions are available for those aged 50 and above. This IRA product is part of Mutual of America's suite of retirement solutions, designed to support long-term investment goals, particularly for retirement savings.
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