Millions of Americans work unpaid at home, caring for children, elderly relatives, or siblings with special needs. While this saves families money, it can hinder retirement savings.

Stay-at-home parents could earn a median annual salary of $184,820 if paid. Suze Orman suggests using a Spousal IRA to build retirement savings for non-working spouses.

A Spousal IRA allows a working spouse to contribute on behalf of a non-working spouse. Contributions for 2025 are $7,000 for those under 50 and $8,000 for those 50 and older, totaling up to $16,000 for eligible couples.

Traditional IRA contributions are tax-deductible, but withdrawals are taxed in retirement. Roth IRAs use already-taxed income, providing tax-free withdrawals in retirement, with income limits for contributions below $236,000 for couples.

Read more at Yahoo Finance: How To Boost Retirement Savings With a Spousal IRA