and if so what do we have to do?
2006-10-31 20:31:59 · 4 answers · asked by what is the good word? 4 in Business & Finance ➔ Taxes ➔ United States
You cannot contribute to an IRA based on income from SSI alone. If that is your sole income, you need to look into other savings vehicles for your retirement, such as mutual funds or annuities.
However, if you are married and your spouse works, he or she may be able to contribute to your IRA. I'll send you the link to a good calculator that will help you figure out how much you can contribute. It's going to depend on income, age, and how much your spouse contributes to their own plans.
If you need further help with this, let me know. You can e-mail me through Y!Answers. I"m glad to help :)
2006-11-05 03:50:29 · answer #1 · answered by Katie Short, Atheati Princess 6 · 1⤊ 0⤋
Wayne is correct. But to furtherclarify the answer to your question: you must began minimum withdrawls from the account when you reach 70 1/2 years old.
2006-11-01 02:49:25 · answer #2 · answered by Great Tax Info 2 · 1⤊ 1⤋
You can "have" an IRA account but you can only contribute to it if you have "earned" income. Earned income is from being an employee or self-employed.
2006-11-01 01:02:48 · answer #3 · answered by Wayne Z 7 · 4⤊ 2⤋
Thanks for all the nice answers. I did work for many many years. Things will workk out but too bad they don't make it easier .
2015-03-02 05:09:59 · answer #4 · answered by what is the good word? 4 · 0⤊ 0⤋