can you contribute to an ira if you don't work
Those without a 401(k) at work. If your employer doesn't offer a 401(k) plan, you typically miss out on a huge opportunity to save money on your taxes while saving for retirement. Most people who donât have access to a 401(k) account at work can still contribute to an IRA, but the contribution limits are much lower.While workers can defer taxes on up to $17,500 using a 401(k) ($23,000 for those age 50 and older), they can only defer taxes on $5,500 using an IRA ($6,500 at age 50 or older).he contributions came from me, which is also a nice little estate planning tool.â However, you cannot contribute to an IRA if you donât have earnings from work. Interest, dividend, rental, pension or annuity income will not qualify you to make a tax-deductible IRA contribution.