Anyone with US taxable income or an old retirement account can start a Traditional IRA or Roth IRA.
To do new contributions to a new IRA, you must be younger than 70 and 1/2. Depending on your income, filing status, you're able to make a contribution to your IRA and the contribution may or may not be tax-deductible.
For Traditional IRAs, there are no income limits. Your income may or may not be tax-deductible.
For Roth IRAs, there are income limits. Check if you qualify.
You must have earned income to contribute to any IRA, including a Rocket Dollar Self-Directed IRA account. Your contributions for 2019 are limited to $6,000 for those younger than 50 or $7,000 for those 50 and older.
Additionally, anyone with a 401(k) plan, 403(b) plan, a 457 plan, a SEP-IRA, a SIMPLE IRA, or a Traditional IRA may be eligible to roll over into a Rocket Dollar Self-Directed Traditional IRA.
Want to read more?
- The opportunities unlocked by opening a Rocket Dollar Self-Directed IRA versus a Traditional IRA
- Using your Rocket Dollar Self-Directed IRA as a tool for environmental and social change
- Choosing between Rocket Dollar's Self-Directed Roth IRA or Rocket Dollar's Self-Directed Traditional IRA? Find the one that is best for you!