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Can I have an IRA?

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    Can I have an IRA?

    So I haven't worked in two years due to family health issues, and I've heard that you need to have earned income to obtain an IRA. Am I right? Maybe I should just use mutual funds instead? Thanks for any advice.

    #2
    Re: Can I have an IRA?

    I completely CANNOT back this up, but here is my understanding - yes, you need to have earned income to contribute to an IRA, BUT you can contribute without income if your spouse has income (if you are married). DH and I asked this question to a financial planner last month as he is a student with no earned income, but we still want to sock some money away this year in both of our IRAs.

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      #3
      Re: Can I have an IRA?

      Jodi is correct.

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