Traditional IRAs are the most common retirement plans, which can be used by anyone with earned income.
Who is eligible for a traditional IRA?
- Anyone with taxable compensation received during the given year.
- Individuals under the age of 70 ½ at year’s end.
- Married individuals (under 70 ½) who earned income during the year can open their own IRAs.
- Bonus: If you are married filing jointly, only one of you has to meet the compensation requirement and can contribute to the account on behalf of your unemployed spouse.
- If you currently have a traditional IRA and want to control your own investment decisions, you can transfer those funds to a self-directed account with Midland IRA. You can also move funds from an old employer 401(k) into a self-directed plan.
- Self-directed traditional IRAs with Midland can invest in real estate, private equity, crowdfunding, and many more alternative assets to build retirement wealth.