Saving enough money for retirement is a constant struggle that many in the United States partake in. Yet Roth IRA is one way this can be made not only possible but virtually certain. And even if you are out of work and your spouse has a job, he or she can contribute to the fund collecting in your name.
April 15th is the date set for this year before which you have to make a contribution if you want the advantage of IRA savings. The net total lent cannot be more than what your spouse earned per annum. That is the rule and so the story goes.
While you have to be below 70 years to qualify for IRA, in case of Roth IRA this is not so. The income bracket is higher in this specialized case whereas the age limits do not apply.
As for the spouse that is unemployed, the selfsame rules apply whether he or she is undertaking any other nonpaid duties. It is a scenario of pay now, and play later. You must sacrifice for the short term and enjoy for the long term where you get to grow old gracefully with your life partner.
Besides building up a savings account, Roth IRA allows you to withdraw as much as $10,000 and give a $1000 penalty in return. Now that is not much. Nowadays, even youngsters can start saving up for hard times using a Roth IRA.