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Retirement Discussions / Retire Well on Less


Subject:  Re: IRA Date:  3/9/2007  7:10 PM
Author:  dougdoogle Number:  1046 of 1929

MY husband and I are retired at age 55 three years ago. Pension $28000, CDs 10 000. Can we contribute to our IRA even though we did not work this year?

The short answer is no. IRA deposits must be from earned income. Generally, income that you pay social security on and income that you get a W-2 for come tax time.

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