(Money Magazine) -- Q: My husband is retired, and I work part-time. Can we contribute to a Roth IRA for him this year? -- Martha Chamberlain, Lanesville, Ind.
A: Even if just one spouse has a paycheck, you can both put $5,000 ($6,000 if you're 50 or older) in Roth IRAs every year as long as your modified adjusted gross income (for joint filers) is below $169,000.
However, you can't invest more than what you earn from your part-time job.
Opening a Roth is a smart move, even for retirees, says tax attorney Kaye Thomas of Fairmark.com.
Unlike with a traditional IRA, you never have to make withdrawals. And if you don't need the money, your heirs will enjoy tax-free growth too, though kids who inherit a Roth will have to withdraw the money eventually
|Overnight Avg Rate||Latest||Change||Last Week|
|30 yr fixed||3.90%||3.88%|
|15 yr fixed||3.06%||3.03%|
|30 yr refi||3.96%||3.94%|
|15 yr refi||3.11%||3.12%|
Today's featured rates:
Malaysia Airlines is nearly finished with its tough restructuring plan -- which will include cutting about one-third of its workforce -- in its efforts to recover after two plane tragedies last year. More
Google filed a patent for a toy that will have sensors and cameras, and can control connected devices. More
Rents increased 4% in April from last year while home values only rose 3% during the same time period. More