(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||4.20%||4.27%|
|15 yr fixed||3.27%||3.21%|
|30 yr refi||4.18%||4.24%|
|15 yr refi||3.26%||3.20%|
Today's featured rates:
Frederick Hutson launched Pigeon.ly in 2012 to help inmates communicate with their friends and family. He's on target for $1 million in sales this year. More
Are you living for your job? Working around the clock? These questions will help you determine whether you've ventured into workaholic territory. More