Jan 11

Ok, im unemployed, but receive tax exempt money (not disability or unemployment money). my question is, can i still open a Roth IRA?
thanks for not flinging insults guys. (sarcasm, incase you 2 missed it.)
right now, I am disabled and fighting for my life. i was asking because im getting married soon and wanted to take care of my future wife. im looking for all possible ideas, but a job is not an option at this moment.
Dont tell me i gotta pick best answer from these 2?

3 comments so far...

  • v b Said on January 11th, 2010 at 6:13 pm:

    What part of “I’m unemployed” did you not understand?

    You must have EARNED, TAXABLE income to put it into a ROTH.

  • bostonianinmo Said on January 11th, 2010 at 7:04 pm:

    No, you must have EARNED income — wages from employment or self-employment income — to contribute to any IRA, either Roth or traditional. If you want to contribute to an IRA you’ll need to get a J-O-B.

  • Chim Chim Said on January 11th, 2010 at 7:57 pm:

    Wow, those answers are pretty insulting, aren’t they?? Don’t pay any attention—-tax season is stressful and they probably didn’t mean to be nasty.

    Sorry for your disability. I’ve been there, trust me.

    Unfortunately, the tax laws don’t give a break to folks who want to save for retirement but aren’t currently employed. You’ll be best off just investing what you can in a plain vanilla brokerage account or money market. Obviously you’ll be taxed currently on any earnings, whether it be interest, dividends or capital gains, but at least you’ll be saving and growing your nest egg.

    One thing—once you get married and file jointly, if your wife has earned income and you two are under the AGI limit, you can both contribute to a ROTH then.

    Best of luck to you.

  • MichaelDReese Said on February 12th, 2010 at 5:38 am:

    5 Reasons Retirees Should Consider Roth IRAs – http://tinyurl.com/yg99mu2

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