Generally, individual retirement accounts (IRAs) can only be funded with earned income. So if you’re unemployed, that’s kind of a bummer. There is, however, a loophole if you’re unemployed and married: set up a spousal IRA.
Suze Orman's Retirement Plan for Stay-at-Home Moms || If you and your partner decide that you'll be the stay-at-home parent, your partner's income needs to pay for both of your retirements. Suze looks at the options for stay-at-home parents, including Social Security and spousal IRAs.
Want to save for retirement while you stay home with the kids? Learn how here: http://www.doughroller.net/retirement-planning/spousal-ira-work-benefit/?utm_campaign=coschedule&utm_source=pinterest&utm_medium=Dough%20Roller&utm_content=Is%20a%20Spousal%20IRA%20Right%20for%20Your%20Retirement%20Savings%20Needs%3F
Pro: Unemployed? You Can Still Have an IRA To invest in an individual retirement account or IRA you typically need to have earned income. There is an exception, however, for married people. A spousal IRA is designed to let a working spouse make contributions on behalf of a non-working husband or wife. So if you choose to be a stay-at-home parent during your marriage or you lose your job, you can still stay active with retirement savings.