Can IRAs be held jointly by spouses?

Marriage / Divorce, IRAs, Retirement Plans
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An IRA has to be established on an individual basis.  Therefore, an Individual Retirement Account cannot be held jointly.  The IRA owner can designate his or her spouse as the primary beneficiary of the IRA.  Also, the IRA owner can designate contingent beneficiaries for the IRA.    

However, in some states if the IRA owner wants to designate someone other than the spouse as the beneficiary of the IRA the spouse must provide written consent.

March 2016
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