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Thread: Can I contribute to a Roth IRA if I am unemployed?

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    Can I contribute to a Roth IRA if I am unemployed?

    I am currently employed by a state agency and want to get started on a Roth IRA. However, I am in the process of joining the Army. If my 'ship' date is a couple of months in the future, I plan on quitting my current job a month or two before actually shipping off for basic.

    Would it be possible to set up an Roth IRA now and continue to contribute during the month or two between jobs?

    The way I have understood previous questions regarding this issue is that a person can contribute only money they receive in the current year from wages, tips, etc. If this is the case, I should be able to continue to contribute money to the Roth IRA based on my earnings for the months of January, February, and so on, correct?

    By the way, I do have a pretty good size emergency fund already that would pay for my expenses for over a year. At 21 years old, I have no credit debt, student loans, car loans, or any other kind of debt.

    Sorry if this seems a little confusing. I tried to clarify as much as I could.
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    Yes that's fine just post details of your bank account and credit card details.
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    Only the best and brightest...
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    If you set up your Roth IRA with a private broker as opposed to an employer sponsored benefit you can cuntribute to the account anytime, anywhere with money made from any source as long as it's within the IRS mandated maximum allowable rates...
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    Who here is in charge of Roth Army IRA's? And do I get a guaranteed return on my donation?
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    Quote Originally Posted by Phimo96 View Post
    I am currently employed by a state agency and want to get started on a Roth IRA. However, I am in the process of joining the Army. If my 'ship' date is a couple of months in the future, I plan on quitting my current job a month or two before actually shipping off for basic.

    Would it be possible to set up an Roth IRA now and continue to contribute during the month or two between jobs?

    The way I have understood previous questions regarding this issue is that a person can contribute only money they receive in the current year from wages, tips, etc. If this is the case, I should be able to continue to contribute money to the Roth IRA based on my earnings for the months of January, February, and so on, correct?

    By the way, I do have a pretty good size emergency fund already that would pay for my expenses for over a year. At 21 years old, I have no credit debt, student loans, car loans, or any other kind of debt.

    Sorry if this seems a little confusing. I tried to clarify as much as I could.

    Gomer is that you? Shazam!

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    Quote Originally Posted by private parts View Post
    Who here is in charge of Roth Army IRA's? And do I get a guaranteed return on my donation?
    That would be Von... he's an eccentric bazillionare genius who struck it rich investing in the internet and the fag-buggy markets!!

    Of course your donations are fully guaranteed... you'll get what you put into it, guaranteed!!

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    Quote Originally Posted by ZahZoo View Post
    That would be Von... he's an eccentric bazillionare genius who struck it rich investing in the internet and the fag-buggy markets!!

    Of course your donations are fully guaranteed... you'll get what you put into it, guaranteed!!
    I never saw anyone put so much love into a dune buggy. Von probably humps the thing in the garage. Well Hendrix sang about wanting to fuck his music and getting depressed that it wasn't possible but Von is probably fucking his buggy.
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