Which retirement savings plan allows individuals to contribute to the account of their spouse, who does not earn income?

The spousal IRA is specifically designed to allow a working spouse to contribute to an individual retirement account (IRA) on behalf of a non-working spouse. This provision acknowledges that even if one partner does not have earned income due to various reasons such as caregiving or pursuing education, they can still benefit from retirement savings. This option helps couples to maximize their retirement savings by permitting contributions to an account that would otherwise not be available to the non-working spouse, allowing both to have their own retirement funds.

In contrast, a traditional IRA permits individuals to contribute based on their own earned income, while tax-qualified retirement plans are generally employer-sponsored retirement plans that do not directly relate to individual contributions made for a spouse without income. Non-qualified retirement plans also do not apply here, as they mainly refer to various types of retirement arrangements that do not meet the requirements under the Internal Revenue Code for favorable tax treatment. Thus, the spousal IRA stands out as the correct choice for enabling contributions on behalf of a non-working spouse.