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Traditional IRA for non-working spouse?

By Terry Savage on January 10, 2022 | Financial Planning / Retirement

I want to open an IRA I am 58 y/o and I don’t have one. I collect a small pension, my husband is working full time. Some investment bankers are telling me I might not be able to open an IRA bc I’m not working. My question is can I start an IRA I want to put the maximum $7,000
Thanks

Terry Says

If you file a joint tax return with your working spouse, you are eligible as a non-working spouse to open an IRA.
Please read all the details in this good article from Investopedia. If you qualify, it will be your own IRA, separate from his, but based on his income.
Go to Fidelity or Vanguard or T.RowePrice and they will help you open the account and make an investment decision. AND, since you can contribute to an IRA up until the date your tax return is due, you could make one contribution of $7,000for 2021, and then later in the year make another contribution of $7,000 for 2022!

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