Eligibility requirements for individual retirement accounts

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Reference no: EM131346531

Unlike life insurance, federal law dictates the eligibility requirements for individual retirement accounts. Which of the following statements best describes the requirement(s) for Roth IRAs?

The worker must be at least 21 years of age and be earning at least $5,000 per year.

The requirements for traditional IRAs are the same as for Roth IRAs.

The worker must have earned income during the year and be younger than 70 ½.

The worker must have earned income during the year.

Reference no: EM131346531

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