spousal IRA contribution for 2023

[brnewmon]

My spouse and I are both 74.  I am still employed.  My husband is a civil service retiree.  We would like to make a spousal contribution to his traditional IRA for 2023 based on my earnings. I am unable to contribute do to  investing in a retirement plan at work.   Our investment person wants to make sure it is allowable to make a deductible contribution for 2023.  He says it will increase our RMD and may not make sense.  Can you give me any advice.   

[RachelW33]

Yes, your husband can make a Traditional IRA Contribution for 2023 based on your earnings.  For 2020 and later, there is no longer an age limit for contributing to an IRA.

Unfortunately, there is no one- size (usually) fits all advice in this scenario. There are many factors involved in determining if making the contribution makes sense for your personal situation.