Can I have an IRA?

[Majan]

So I haven't worked in two years due to family health issues, and I've heard that you need to have earned income to obtain an IRA. Am I right? Maybe I should just use mutual funds instead? Thanks for any advice.

[jodi]

Re: Can I have an IRA?

I completely CANNOT back this up, but here is my understanding - yes, you need to have earned income to contribute to an IRA, BUT you can contribute without income if your spouse has income (if you are married). DH and I asked this question to a financial planner last month as he is a student with no earned income, but we still want to sock some money away this year in both of our IRAs.

[sweeps]

Re: Can I have an IRA?

Jodi is correct.