i am 67 yrs. old and would like to use the required withdraeals from my annuity to open an ira as i won't need that money any time soon....bz
I urge you to look it up yourslef, but I think that you can open a tradidtional IRA up to age 70-1/2, but there are no age limits on Roth IRA's.
But double check that, since I'm not a CPA. I just looked it up on Kiplinger.com
Here is a link that might be useful: Kiplinger
sushi, thanks for your response...the article refers to folks with earned income and i am retired with no earned income...it appears that there are no tax shelters unless you are working...if there are i sure would like to be informed...bz
For 2009, the IRS has waived the requirement to take a RMD from certain retirement accounts.
Here's a bit more information from the IRS website.
Here is a link that might be useful: Retirement plans RMD FAQ
You can have a Roth without earned income, I think.
Roth has to be earned income either by you or your spouse.
As for the original question, I do not know the answer.