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  Traditional IRA Roth IRA
Am I eligible to contribute? Yes, if you and/or your spouse has earned income. Yes, if you and/or your spouse has earned income and it's within certain limits.
How much can I contribute? Standard contribution limits are up to $6,000 a year ($7,000 if 50 years of age or older) for individuals and $12,000 a year for married couples, even if only one spouse has earned income ($6,000 per spouse or $7,000 if 50 years of age or older). Standard contribution limits do not exceed $6,000 a year ($7,000 if 50 years of age or older) for individuals and $12,000 a year for married couples ($6,000 per spouse or $7,000 if 50 years of age or older).
How long can I contribute? As long as you have earned income, you can contribute to your IRA. As long as you have earned income, you can contribute to your IRA.
Are my contributions tax deductible? Tax deductible contributions depend upon participation in employer-sponsored retirement plans and income levels. No
Are my earnings tax deferred? Yes Yes
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