Are You Able to Get a Roth IRA
If you’re looking to invest money for your retirement you may have considered a Roth IRA as a possible solution but in order to do so you will have to meet a few Roth Qualifications and one you may have not thought of which I will cover in this article.
First off, in order to qualify you need to be below the maximum income level in order to contribute to a Roth IRA account. In fact if you earn more than $176,000 you will be unable to contribute and take advantage of the special tax treatment a Roth has come to offer. If you don’t qualify because you make to much money you’re better off sticking with your jobs 401k plan.
Next, in order to qualify you need to have a job. The reason a job in is need in order to open up an account is to make sure that the account does get funded. However, their is on exception for this rule and that is the spousal IRA provision. If you are a none working spouse and your current spouse has a job you will be able to qualify as well and take advantage of the benefits of the Roth IRA.
Finally, the last thing most people don’t think about when trying to qualify for a Roth IRA account is how much money they will have to put fourth to open the account. This requirement is not in the rules of opening a Roth IRA but when it comes to Mutual Fund Companies, Insurance Companies, and Banks, they all will require a certain amount of money to placed in the account or you will have to start a monthly bank draft in most cases. The typical amount to open most accounts will be $500 to $1000 depending on the company.
In the end if you don’t meet the qualifications you won’t be able to open a Roth account, and if you would like to learn more contact your local financial professional.
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