In the United States, if a man over 50 retires and has only Social Security income---yet his wife continues to work an earns income in excess of $14,000 can the couple still contribute $14,000 ($7,000 apiece) to either their Traditional or Roth IRAs?
I ask this question because Social Security income is not considered earned income.
I have heard about a "Spousal IRA" but I do not know much about it. Is this a legitimate way for someone to circumvent the typical IRS requirement that one may contribute to an IRA only if there is earned income to offset the contribution---and if so, does one have to open a brand new IRA (i.e., Spousal IRA) to do this or would an existing one suffice?
Any insight that is provided is appreciated.