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Sep 30, 2014
2:52
:26
pm
SFCougar
Under both scenarios an IRA/Roth IRA is an option
Although, to contribute to an IRA or a Roth IRA you do need to have earned income. Therefore, if you are unemployed and don't have "earned" income you are not able to use an IRA.
A spouse can contribute to an IRA if his/her spouse has earned income.
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SFCougar
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SFCougar
Joined
Sep 4, 2007
Last login
Apr 18, 2024
Total posts
450 (28 FO)
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Messages
Author
Time
401k options for unemployed or employed without 401k plan?
Indy Coug
9/30/14 2:49pm
1 -- SEP IRA, IRA, or SE 401k. 2 -- IRA
mulletino
9/30/14 2:50pm
For the SEP, the company still has to create it. For the SE 401, she'd have to
RyneK
9/30/14 2:51pm
Yeah, just threw out all options based on the little info provided.
mulletino
9/30/14 2:54pm
IRA, no?
prcoug
9/30/14 2:50pm
like an IRA?
NanoFab Coug
9/30/14 2:50pm
Traditional IRA in both cases
RyneK
9/30/14 2:50pm
Let's take the absurd scenario where she has $50K to invest
Indy Coug
9/30/14 2:52pm
No, the IRA contribution limits are $5,500/year
SFCougar
9/30/14 2:54pm
So what are her options at that point?
Indy Coug
9/30/14 2:54pm
Invest the funds in a non-qualified account.
SFCougar
9/30/14 2:56pm
This is true. Lots of smart $ people on CB
Bronco Mendenhill
9/30/14 2:57pm
Not immediately. If she's under the age of 50
RyneK
9/30/14 2:55pm
This is correct. Key is earned income.
Bronco Mendenhill
9/30/14 2:53pm
Under both scenarios an IRA/Roth IRA is an option
SFCougar
9/30/14 2:52pm
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