I am receiving military retirement. Can I start an Ira? Since my military retirement pay is taxable an consider earn income?
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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.
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Mike Hunsberger, ChFC®, CFP®, CCFC, MQFP®
Owner, Next Mission Financial Planning, LLC
Phone 314-328-0086