I was searching the web about IRA it always says if you qualify for them you can get one but I dont understand

I am married and my husband has a job where he has an 401k. I work in my home as a mentor and I get paid but they don't take taxes out or I don't have to pay taxes because I work for and agency and they go the the department of human services so my pay checks are tax free and I 'm 37and he is 31 we've been trying to get us and retirment going since the only thing we have is my husband 401k plan right know I've been doing a little searching andd they say IRA's is the best way but I dont know who I need to talk with about that or how much does it cost Do you have to have thousand of dollars each month to invest? What is the lowest money can you invest with? Do you have ti oay weekly, monthly,yearly? Can anybody stir me to the right way. I did talk to a guy who said that he could help us with a finacial plan for retirment but it turned out to be a whole life policy with retirment

Answer:
You can invest any amount up to around $3000 per year depending on age (double check that amount). You can't invest more than your earned income. I don't quite understand your status. Investments can be made in CDs, stock, mutual funds, etc. You would set it up at a bank or stock broker. There are two types of plans, one allows you to pay tax prior to investing and then there is no tax at maturity and the other gives you a tex deduction now and you pay the tax at maturity. Check with your banker or broker for details.
Why would you want to join the Irish Republican Army, they bomb England, although not anymore.
Anyone who has income can open an IRA (Individual Retirement Account), even if they have a 401(K). Since both of you have income you can open two (2) accounts,

There are any number of instruments, from stocks and bonds to real estate that you can invest in. Typically an IRA has stocks (mutual funds) but you can self-manage your account. See your local broker (Merrill Lynch, Charles Schwab, etc) for more information.

There are two types of IRA - the Regular (contributions are tax deductable, but taxes are owed at the time of withdrawal/ retirement - if you take out prior to 59 1/2 not only is the tax due but there is a 10% penalty), and;

Roth IRA which is funded by after-tax dollars (no tax deduction), which means no tax will be due when you retire. There are certain restrictions, that the broker will be glad to explain.

Generally there are no annual fees, except brokerage charges (ask, and shop around, different firms have different schedules).

Current maximum contribution is, I believe $ 4,000.00 per account. If you are over age 60, add another $500.00. You can contribute at your convenience, any time any amount up to the max.
Just to add to the last person's answer: before starting this IRA for you, make sure your husband is maxing his 401k (15000/year). And, if he doesn't have an IRA, your contribution limit goes to 8000 if you file taxes jointly.
Oh, and always remember this advice!: Insurance policies are NEVER to be used for a retirement savings vehicle!!

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