Kay Bailey Hutchison Spousal IRA Boosts Retirement Savings

In July 2013, President Barack Obama signed into law a bill renaming a subsection of the Internal Revenue Code for former Sen. Kay Bailey Hutchison (R-Texas). The Kay Bailey Hutchison Spousal IRA — formerly titled “Special Rules for Certain Married Individuals” — allows married individuals filing a joint return to claim the maximum deduction for each spouse’s qualified contribution to an IRA.

Why the name change? Read the rest of the blog to find out.   

Tom Rowley is Invesco’s Director of Retirement Business Strategy.

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