Financial Answer Center
You can establish a traditional IRA whether or not you are covered by any other retirement plan. Wages or net earnings from self-employment can serve as the basis for a traditional IRA contribution. You and your spouse can make regular IRA contributions of up to $5,500 in 2016 (same in 2015), provided your combined compensation (earnings) are at least equal to the contributed amount. As a result, a couple can make regular contributions of up to $11,000 in 2016 (same in 2015).
You can wait as long as April 15 of the following year (the due date of your individual income tax return) to contribute to a traditional or Roth IRA account.