Spouse - 65
Disposable Income - 26K
Establishing a ROTH - AFTER retired!
Question - Can I invest in 2014 AND 2015 ROTH for Self and Spouse, and continue to contribute until MRD Age (70.5)
I want the funds to work for me...and risk is not a concern.
What are the tax burdens? What are the implications of this last minute financial strategy.
You can do what you want with the SS income money---it is yours. as noted above, as long as you have actual wage income (married filing jointly) you both can contribute to a Roth. Be sure to invest the Roth money wisely---not let it sit there doing nothing.
As long as u she have actual work earnings - yes.
No earnings means no Roth or IRA.
Local library can help you learn about retirement accounts for free.
AARP.org also.
To contribute to an IRA, Roth or other you must have a job
You can not fund an IRA on SS or pension or investment income
Can we contribute SSA earnings to ROTH?
Spouse will continue to contribute for me and her until her retirement (13K/year - 5,500 + 1000 catchup per person)
To contribute to any IRA, you or your spouse must have earned income which is income from working.
Social Security does not count.
