(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||4.31%||4.32%|
|15 yr fixed||3.74%||3.65%|
|30 yr refi||4.29%||4.29%|
|15 yr refi||3.71%||3.62%|
Today's featured rates:
NBA Commissioner Adam Silver talks about what it means to be a modern-day sports commissioner. More
If Congress fails to reach an immigration deal, some communities could lose Dreamers who are firefighters, nurses, emergency care workers and teachers. More
Cybersecurity experts at FireEye expect "very aggressive" activity soon by a North Korean group of hackers who have been spying on South Korea's biggest multinationals. More
In 1998, Ntsiki Biyela won a scholarship to study wine making. Now she's about to launch her own brand. More
Since your kids never see cash, here's how help them -- and you -- be savvy with money they can't hold. More