Im retired and have dividend income I would like to put in if allowed. I am not withdrawing as of yet. My spouse is also retired..
2006-09-11 03:46:38 · 6 answers · asked by jimbo 2 in Business & Finance ➔ Personal Finance
You MUST have earned income to contribute to an IRA. Since neither your nor your spouse has earned income, you can NOT contribute to an IRA.
You can open a tax deferred annuity (which will allow the money to grow tax deferred like an IRA).
2006-09-11 05:22:55 · answer #1 · answered by derek 4 · 0⤊ 0⤋
I'm fairly certain that you can add dividend income to your IRA. Check this with the company or bank that manages it. They'll also let you know when you must begin drawing on it. If I remember correctly, you should begin drawing no later than your 70th birthday.
2006-09-11 03:54:18 · answer #2 · answered by loryntoo 7 · 0⤊ 0⤋
Yes you have to have earned income or if you are married and don't work you can use your spouse's earned income.
2006-09-11 03:57:40 · answer #3 · answered by Bucky 2 · 0⤊ 0⤋
Yes, up to the age of 70 1/2.
2006-09-11 03:55:41 · answer #4 · answered by ed 7 · 0⤊ 0⤋
Get free rates
2015-02-21 10:28:58 · answer #5 · answered by Lucina 1 · 0⤊ 0⤋
No please.
2006-09-11 03:51:59 · answer #6 · answered by Anonymous · 0⤊ 0⤋