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Money Girl

Can You Contribute to an IRA If You Have No Income?

Money Girl

Macmillan Holdings, LLC

Investing, Education, Business, Entrepreneurship, How To

4.61.8K Ratings

🗓️ 7 April 2021

⏱️ 14 minutes

🧾️ Download transcript

Summary

No matter if you’re unemployed, taking a sabbatical, caring for a child or loved one at home, or not working for any other reason, don't miss out on the opportunity to max out a retirement account and build a nest egg. Read the transcript. Check out all the Quick and Dirty Tips shows. Subscribe to the newsletter to get more personal finance tips. Join the conversation on Facebook and Twitter. Links: https://www.quickanddirtytips.com/money-finance/retirement/ira-no-income https://www.quickanddirtytips.com/podcasts https://www.quickanddirtytips.com/subscribe https://www.facebook.com/MoneyGirlQDT https://twitter.com/LauraAdams

Transcript

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0:00.0

If you're a regular here on the Money Girl podcast, you know that I'm a huge fan of retirement

0:10.0

accounts.

0:11.0

There are different types of accounts you may qualify for, depending on where you work,

0:15.5

whether you have self-employment income, and how much you earn.

0:19.5

But many people assume that you can only contribute to a retirement account if you work for

0:24.0

a big company or you've got a cushy job, and that's just dead wrong.

0:28.8

I don't want you to miss the opportunity to save efficiently by using one or more tax

0:34.6

advantage retirement accounts.

0:36.8

Hello everyone, and thanks for joining me this week.

0:39.8

My name is Laura Adams.

0:41.3

I'm a personal finance and small business expert, author, and educator who's been hosting

0:46.4

the Money Girl podcast since 2008.

0:49.7

My mission is to help you get the knowledge and motivation to prioritize your finances,

0:54.6

build wealth, and have more security and less stress.

0:58.2

On today's episode, I'm going to explain the rules for using an IRA when you have no

1:03.2

income.

1:04.2

This episode is called IRA Contribution Rules when you have no income.

1:08.8

As always, you'll find the notes for the show in the Money Girl section at quickanddirtytips.com.

1:16.0

Many people go through hardships, or seasons of life when they're unemployed, taking a

1:21.6

sabbatical, caring for a child, or a loved one at home, or not working for any other reason.

1:28.9

And you may be surprised by the flexibility an IRA offers even when you don't earn money

1:33.8

for a short period.

...

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