"Oradba Linux" <techiey2k3[at]comcast.net> wrote:

- quote -

IRA is your only option.

--
David M. Woods, EA, ChFC, CLU
Woods Financial Services
Norwood, MA 02062
www.woods-financial.com

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radba Linux wrote:

- quote -

Anyone with earned income below the age of 70 1/2 may open
an IRA and make contributions. It doesn't matter whether you
have a 401K or not. Having a 401K or any other qualified
plan only affects your ability to deduct your contribution,
not make a contribution. In addition, your spouse may open
an IRA and make contributions based on your earnings. See
IRS Pub 590 IRAs, for complete details on spousal IRAs.

http://www.irs.gov/publications/index.html

--
Alan
http://taxtopics.net

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"Oradba Linux" <techiey2k3[at]comcast.net> wrote:

- quote -

The various IRAs are the main things, but have relatively
low limits.

There several methods for deferring taxes on gains, but not
taxes on initial contributions. Oneis invest in something
that wont be sold in decades such as real estate or index
stock funds. Insurance products (which includes annuities)
are another method, considered to have expensive charges.

In a year or two expect the new one-party federal government
to create "universal deferred-income personal responsibility
savings accounts". People would be able to save income and
defer taxes on a respectable fraction of their income in
exchange for eliminating most government benefits programs
like social security, medicare, employer pensions, employer
health insurance, unemployement, college grants, etc. These
would be like super 401Ks. (Or like the 19th century when
you didn't pay taxes nor get any personal benefits from the
governement.)

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- quote -

You can each have your own IRA account.

Helen, EA in PA
Director, NAEA; Immediate Past President, PSEA; Tax Expert, AOL
Enrolled Agents - THE Tax Professionals

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"Oradba Linux" <techiey2k3[at]comcast.net> writes:

- quote -

The only thing available to you is a traditional IRA. A
spouse need not have earned income to also make deductible
IRA contributions.

Details are in IRS Publication 590.

Phil Marti
Clarksburg, MD

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My employer does not provide a 401k plan. What options do I
have to with respect to opening a tax deferred retirement
account? I am not self employed. Can I open an IRA for my
spouse who is not employed?

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