Personal Investment & Financial Planning Q`s/IRA

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Question
Can my Social Security income be placed in a Roth or Regular IRA?
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A

Answer
Hi. I apologize for the delay in responding. Whether or not you can contribute to an IRA or Roth IRA is dependent on whether or not you qualify based on the IRS income rules. You or your spouse must have earned income to contribute and earned income cannot exceed certain thresholds if you want to contributed to a Roth. In any instance you cannot take your social security check and have this deposited directly to an IRA of any type.  You must instead still take this and if you are eligible to make IRA contributions you would do so with cash you have on hand. I hope this helps.  

Personal Investment & Financial Planning Q`s

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John D Smith, CFP

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I can answer detailed questions regarding mutual fund investing, retirement planning, education planning and related comprehensive wealth management and investment concerns.

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I have been providing fee only investment management and comprehensive wealth management services for the past 19 years.

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I have a degree in Financial Planning & Counseling and I am also a Certified Financial Planner practitioner.

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