I don’t like it when personal finance blogs get political. I don’t-honestly. I’m a very political person, but too much politicking on a personal finance blog turns me off-I’m here to discuss money, not why you are convinced of a vast left/right/center wing conspiracy. However, there’s this messy place between politics and finance, and it’s in this bind that I write. One of the basic factoids about IRA’s is that a person can open one for their spouse and fund it. This works out well in situations in which parent A works, but parent B is a stay at home parent because B does not lose out on saving for retirement while being a stay at home parent. This part of IRA law only works if you are in heterosexual, married relationship. Due to the Defense of Marriage Act (commonly known as the DoMA) that was signed under President Clinton, even same-sex spouses who are legally married in Massachusetts (and as of today, California!) are ineligible for spousal IRA’s. As a result, due to people’s political choices, some personal finance issues can get a little too personal. In my opinion, this is an example of why marriage equality is such a basic right, and why laws surrounding personal finance affects all people. Thanks to Mrs. Micah for pointing this out.
Why gay marriage matters, in just one tiny personal finance detail
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This is a great day to reiterate that! Thanks for mentioning my post.
Like you, I’m not big on political PF blogs. I find politics stressful, at least in the blogosphere with all its trolls and tension. But this is such an important point for so many couples. The benefits of a tax-deferred retirement plan are enormous. I find it sad that people will go out of their way to make sure other people can’t help their partners save well for retirement, inherit shared property without hitches, claim dependents together (but they have to file separately, so only one person can claim the kids), etc. Lots of good financial steps they can’t take.
Exactly, Ms. Micah. I don’t want to rain on anyone’s parade, but marital rights are so limited even when they’re legal for same-sex couples, it seemed noteworthy.