If your spouse is not working, you can establish a spousal IRA. You and your spouse can make IRA contributions of up to $6,000 and $7,000 if age 50 by December 31, 2020 each in 2020, providing your tax filing status is married/filing jointly and your combined earnings are at least equal to the contributed amount.
As a result, a couple can contribute a total of $13,000 in 2020, ($13,000 in 2019) if at least one of you is age 50 by December 31, 2020, and $14,000 if both of you are eligible for the catch-up provision.
Investment and insurance products and services are offered through INFINEX INVESTMENTS, INC. Member FINRA/SIPC. Brookline Investment Services is a trade name of the bank. Infinex and the bank are not affiliated. Products and services made available through Infinex are not insured by the FDIC or any other agency of the United States and are not deposits or obligations of nor guaranteed or insured by any bank or bank affiliate.These products are subject to investment risk, including the possible loss of the principal amount invested.