Anyone who has earned income may contribute to an IRA and also contribute to an IRA for a spouse who does not have earned income. However, not everyone can deduct his or her IRA contribution for his or her taxes each year. Since all Roth IRA contributions are made with after tax dollars, there is no deductibility opportunity for any person.

Yes. You can contribute to a Roth IRA or Traditional IRA regardless of whether or not you have an employer-sponsored plan. In fact, IRAs are a great way to enhance your savings. While participation in a retirement plan does not change how much you can contribute to an IRA, it can affect whether or not you're eligible to deduct your contributions to a Traditional IRA on your tax return.

of January 1, 2003 under IRS rules, you can generally contribute 100% of your Northwestern University salary up to $12,000, whichever is lower. Employees who have attained 15 years or more years of qualifying University service may make additional contributions above the limits specified in the table above if they failed to maximize their 403(b) contributions earlier in their employment.

Yes, individuals can contribute to a traditional IRA whether or not they are covered by another retirement plan. However, they may not be able to deduct all of their contributions if they or their spouses are covered by an employer-sponsored retirement plan. [Note that contributions to a Roth IRA are not deductible and income limits apply.] See Publication 590 for further information.

Yes! Although an MSA operates under many of the same rules that apply to traditional IRAs, it is not an IRA. In other words, an MSA is not a "retirement" plan--it is a "savings account" plan for medical expenses. Plus, unlike an IRA, there are no special income restrictions!

Yes, you can contribute to a traditional IRA whether or not you are covered by another retirement plan. However, you may not be able to deduct all of your contributions if you or your spouse is covered by an employer-sponsored retirement plan.

All State employees have to contribute to a retirement fund. Because UNM is an educational institution all employees are required by law to contribute to the Educational Retirement Board.

You may change your contributions to your retirement plan at any time by filling out a Salary Reduction/Deduction Agreement and submitting it to Human Resources. Unless you specify a future date, changes generally take effect either the current or next pay period. To request a loan from your UA retirement account, you must first contact your fund sponsor (TIAA-CREF and/or Fidelity) and request a loan application.

IRA can be rolled over into a qualified retirement plan, assuming the qualified retirement plan has language permitting such rollovers.

Yes, although there are a few plans that do not allow rollovers. You may roll money between the following plans: 401(k) Plan, 401(a) Plan, Profit Sharing Plan, Money Purchase Plan, Defined Benefit Plan, 403(b) Plan, 457 Plan, and Traditional IRA (not a Roth IRA).

You may contribute up to $4,000 on the Traditional and Roth IRA's. The Coverdell Education Savings Account has a contribution limit of $2,000.

Your 1165(e) plan allows you to save a larger tax-deferred amount than you would be able to save through an IRA, depending on your income level. Some 1165(e) plans allow you to apply for a loan from the money contributed to your account, which you cannot do with an IRA. The 1165(e) plan's investment options offer greater flexibility and opportunity for diversification than that offered by IRA investment options.

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Yes, and you may contribute to both, however, the deduction for the contribution to your IRA may be limited, depending on your income and your contributions to the 1165(e) plan. The deduction between the two cannot exceed the $8,000 limit imposed by law. For example, if you decide to open an IRA account with $3,000, you may only contribute a maximum of $5,000 to the 1165(e) plan. The sum of the two cannot exceed the $8,000 limit.

The NEW law allows you to roll funds from an IRA into an HSA. However, the amount you contribute to your HSA is still limited by the annual contribution limits.

A company sponsored retirement plan with a matching contribution by the employer is normally the best choice. Visit our Roth IRA Analyzer to find out which IRA may be best for you based on your situation.