Requirements for an Individual Retirement Account
The set up an IRA, you must simply have an income. This can include:
- Professional Fees
- Any money you have reported as income on your W-2 statement
Essentially, if you have done work and been paid for it, you have already qualified. There is no limit on your level of income, as it can be as little as $100 or as much as $100 Million. The IRS will allow you to contribute as much as $2,000 per year, or your entire income, as long as it is less than $2,000. However, once you have passed age 70 ½, you will no longer be able to participate.
How can I find out more?
- You can start by visiting our online Learning Center to review the basics of how a 401k rollover works and what it can do for you.
- Use our Contact an Agent form to request a rollover for your 401k plan.
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