The Question
I am receiving military retirement. Can I start an IRA?I am receiving military retirement. Can I start an IRA?
I am receiving military retirement. Can I start an Ira? Since my military retirement pay is taxable an consider earn income?
Thanks for the great question. Unfortunately, military retirement pay does not count as earned income for the purposes of qualifying for an IRA. That being said if you have other earned income (typically reported on a W-2 or a 1099 NEC) you could start an IRA. If the military retirement pay is the only income you’re receiving, you won’t be able to start the IRA.
I primarily work with military and veterans so feel free to check out my blog (https://nextmissionfinancialplanning.com/blog/) or sign up for the newsletter (https://nextmissionfinancialplanning.com/newsletter/).
Mike Hunsberger, ChFC®, CFP®, CCFC, MQFP®
Owner, Next Mission Financial Planning, LLC
Phone 314-328-0086
No question, answer, or discussion of any kind facilitated on this site is confidential or constitutes financial or legal advice. Questions answered are selected based on general consumer interest, and not all are addressed. Questions and answers may be displayed online and archived by Wealthtender. Wealthtender is a trusted, independent financial directory and educational resource governed by our strict Editorial Policy, Integrity Standards, and Terms of Use. While we receive compensation from featured professionals (a natural conflict of interest), we always operate with integrity and transparency to earn your trust. Wealthtender is not a client of these providers.