Individuals with earned income are eligible to purchase an IRA regardless of their participation in company retirement plans, with contribution limits varying annually.
Anyone who has earned income is eligible to purchase an Individual Retirement Account (IRA). Whether or not you have a company-sponsored retirement plan like a 401(k) or 403(b), you can set up an IRA and contribute money to it. Contribution limits vary each year, with the 2020 limit being $6,000. Individuals making less than a certain income threshold may also receive a tax deduction for their contributions.
https://brainly.com/question/39334489