Women & Money: The Shit We Don't Talk About! | Purse Strings
"We will never solve the feminization of power until we solve the masculinity of wealth." - Gloria Steinem. On this podcast, we're going to call out those ways that women are consistently left behind financially. But most importantly, how women can help themselves. Join hosts Barbara Provost & Maggie Nielsen as they help you navigate the ins and outs of financial independence so that you can be financially fearless. They'll connect you with helpful resources and compelling stories from women all across the country. Whether it's buying a house, preparing for retirement, dealing with divorce, there won't be a single question off the table. Maggie is a partner and Barbara is the founder of Purse Strings, a two-part model that's all about providing women the tools and resources they need to help them learn and understand what they need to know to make good financial decisions. And they help connect women with attorneys, financial planners, realtors, and many other financial professionals who have the expertise and desire to serve the female market. Women & Money: The Shit We Don't Talk About can be your place for tools, resources, education and a place to ask the important questions on your mind (or even better, the - you know - you aren't talking about). Find out more about Purse Strings by visiting https://pursestrings.co/ and we can't wait to connect with you on the podcast!
Women & Money: The Shit We Don't Talk About! | Purse Strings
Ep 4: The Value of a Spousal IRA with Gigi Verrey
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Are you a stay-at-home mom or are you thinking about leaving the workforce? Are you worried it will impact your financial benefits and retirement future? Many women haven’t heard of a Spousal IRA and its benefits for those outside the traditional workforce.
On today's episode, Gigi Verrey, the VP of wealth management at GCG Financial, joins us to discuss the one financial investment that all stay-at-home moms need to have. If you are married and filing jointly, you can take advantage of this investment tool. It’s not a joint account, it’s similar to a regular IRA or Roth IRA.
By virtue of you being a spouse, your partner can contribute money into the Spousal IRA for your future, as long as your combined income is greater than the amount you can put away. The money in this account is your money, even if you end up getting a divorce. We’ll discuss the value of this great retirement tool, how the investments work, and more with Gigi. Having a retirement account in your own name comes with power, security, and value.
Join us today as we discuss:
· What a Spousal IRA is and how you can invest in one
· What the difference between a regular IRA and a Spousal IRA is
· Contribution limits, investment advice, and tax rules for Spousal IRAs
· The money in a Spousal IRA is your money!
Contact Gigi: gigi.verrey@gcgfinancial.com
Listen to the full podcast or use the timestamps below to jump to a specific section.
1:36 – Welcome Gigi!
2:33 – What is a Spousal IRA?
4:40 – What makes it a Spousal IRA?
6:35 – Having separate accounts
7:16 – What kind of investments?
8:53 – Transferring money
9:41 – What designates a Spousal IRA?
11:00 – Are they tax-deferred?
14:18 – What happens during a divorce?
17:42 – Combining money into your partners IRA
19:08 – Enjoying the growth of your income
21:27 – When do you need an account by?
23:09 – The best way to contact Gigi
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