EddieG
Dryer sheet aficionado
Hi all,
I just found out that I can make contributions to my IRA for this year, because I had earned income. But for next year, when the wife and I won't be working, we would still like contribute to some sort of tax deferred account like an IRA, Roth IRA or whatever.
If we have no earned income, is there any sort of account which can provide this?
If there isn't, and we do indeed need "earned income" to contribute, do you have any suggestions as to how to create earned income without actually getting a job? I'm not looking to be fraudulent, just creative if necessary. For example, can my wife pay me to give her tennis lessons? Can I be paid to be her "consultant" because I do most of the research and decision making for accounts which are only in her name?
How do you early retirees handle this? Or do you just not worry about it and simply invest everything in non IRA type accounts? I know it's a newbie question, but I'd rather not pay my accountant for the answer.
Thanks,
Eddie
I just found out that I can make contributions to my IRA for this year, because I had earned income. But for next year, when the wife and I won't be working, we would still like contribute to some sort of tax deferred account like an IRA, Roth IRA or whatever.
If we have no earned income, is there any sort of account which can provide this?
If there isn't, and we do indeed need "earned income" to contribute, do you have any suggestions as to how to create earned income without actually getting a job? I'm not looking to be fraudulent, just creative if necessary. For example, can my wife pay me to give her tennis lessons? Can I be paid to be her "consultant" because I do most of the research and decision making for accounts which are only in her name?
How do you early retirees handle this? Or do you just not worry about it and simply invest everything in non IRA type accounts? I know it's a newbie question, but I'd rather not pay my accountant for the answer.
Thanks,
Eddie