Ask the Dolans: Who can make contributions to an IRA?
Filed under: Banks, Debt, Retire, Saving, The Dolans, Wealth, Investing
Ken and Daria Dolan, America's First Family of Personal Finance, answer your money questions every Friday.
Click here to ask Ken and Daria your question.
Here's the plain truth: The single best step you can take to living the retirement of your dreams is to contribute the maximum amount allowed to an IRA. Unfortunately, too many people ignore this rare gift from Uncle Sam.
We hear from readers all the time about why they don't contribute to retirement plans, and it's usually because they don't know where – and how much – to contribute. Let's clear up some of that confusion with our answer to the following WalletPop reader question.
Dear Ken and Daria,
Can a working and a non-working spouse both make IRA contributions?
-Jim
Making the most of your IRA is a key part of successful retirement planning. Get answers to all your questions about IRA rules, Roth IRAs, rollovers and more at Dolans.com.
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Reader Comments (Page 1 of 1)
9-02-2008 @ 3:06PM
kathleen hoynes said...
Gosh, I'm not sure where to start!
My husband left me 7 years ago, and we are nearing the end of the divorce process. I have been blessed to be covered under his insurance these past years,but am now on SSDisability, due to MS, and figuring that one out. We have two children, one of whom is 23 and on her own, and one who is 20, and lives with Mom, as he attends the local county college, and suffers from Agoraphobia, and so takes his classes mostly online. I need him to attain a job, or he will have to move in with Dad, and neither wishes for this.
At the same time, I am being offered $2,000 pr month in Alimony, which is not enough for me to live on right now. I have just cashed in my only retirement fund(AXA Equivest), and will be paying some tax on this at the end of the year-$50,000 of this was inherited money, and I do not expect to be taxed on that part, but about $26,000 is accumulated monies.
My son and I live in our family home, which shall be turned over to me in the divorce. We paid about $172,000.00 for it in 1990, and now it is worth about $180,000.00, if I can repair a few things and repaint. Then I want to sell it, and move on with my life.
My soon to be ex is willing to pay the mortgage, while I pay the taxes and insurance, until I decide to sell, and then he would pay me the remainder of whatever mortgage is left, paying off both the mortgage and HE loan, BUT, he wants to claim the house for his Income Tax as well. Is this an OK idea? I do not want to be screwed, but I so want an end to this crap as well. HELP ME!
Kathleen
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