What are some options for a non-working spouse's retirement account contributions (i.e. stay at home mom/dad)? My husband is in his first year as an attending making around $300K and has decent options for saving through his group (around $58K is required to be saved between defined contributions and defined benefit, but he can elect to save up to $79K/yr).
We have been fully funding a Roth IRA for him since med school and will now switch to the backdoor Roth IRA due to our income. However, it is my retirement accounts that I am now wondering about. I worked and supported us during med school, residency, and fellowship. I'm now a stay at home mom. I have $42K in a rollover IRA and $15K in a rollover Roth IRA from my work 401Ks (I didn't always have access to the Roth 401K option).
Since we can save upwards of $84K/yr in retirement accounts ($79K through work and $5500 backdoor Roth for him), I don't see a financial need to save more in my accounts but my question is - what if we want to? What is my best option? Our income is too high for deductible IRA and unless we want to pay upwards of $12K in taxes to convert my rollover IRA to Roth, the backdoor Roth option is out for me too. So that leaves nondeductible IRA contributions or just using a taxable account. Or am I missing an option? Is it worth paying the taxes to convert to a Roth?
Side note - all student loans were paid off during residency/fellowship. No car loans. Only debt is $250K mortgage.
Thanks!
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