Anyone with earned income can open and contribute to an IRA, including those who have a 401 (k) account through an employer. The only limitation is on the total contributions to your retirement accounts in a single year. Your eligibility to deduct depends on your modified adjusted gross income (MAGI) and whether you and, if married, your spouse are covered by a workers' retirement plan (WRP), such as a 401 (k), 403 (b), SEP IRA or SIMPLE IRA. Additionally, you can also invest in physical gold in an IRA, allowing you to diversify your retirement portfolio with a tangible asset.
Keep in mind that brokers set their own account minimums, but the requirement is usually lower for IRAs than for a regular taxable account. This amount is used to determine your deductibility for the traditional IRA or your eligibility for Roth IRA contributions. This occurs when investors who have saved in a traditional IRA must start making the required minimum distributions (RMD). You can contribute to a Roth IRA as long as you have eligible earned income, no matter how old you are. Unlike SEP IRAs, SIMPLE IRAs allow employees to make contributions to their accounts and the employer is also required to make contributions.
There is no minimum amount required to open an IRA and there are no rules about the amount of money you must deposit. Earned income is a requirement to contribute to a traditional IRA, and your annual contributions to an IRA cannot exceed what you earned that year.