No, to qualify for any IRA under IRS regulations you need earned income.

Yes, you must determine if you meet federal income limits. If you don’t, you can’t contribute to Roth IRA accounts. Simply put, if you make over a certain amount of income in a given year, you may not be eligible. This income limit is determined by the IRS and is based on something called your Modified Adjusted Gross Income (MAGI). This figure is determined by certain deductions that are removed and, in some cases, added back into your gross income. You can use this worksheet from the IRS to help you calculate your MAGI. Your MAGI will determine how much you are able to contribute to your Roth IRA account. Traditional IRAs do not have an income limit.

If you are 19 years of age or older, have Connecticut taxable income, and are eligible to contribute to a Roth IRA under the federal rules governing IRAs, you can open your own retirement account with MyCTSavings here. You can set up automatic contributions through your bank account or contribute by check using a mail-in paper form after your account has been set up.

You can opt out at any time online, by calling 1-833-811-7436, or by mailing in a completed Opt-Out Form to the program. And you can always rejoin at any time by notifying your employer that you would like to start contributing to your account again.

Yes, if you work for an employer for more than 120 days, which is the window for employers to enroll new hires, you are eligible. If you work for fewer than 120 days, your employer cannot enroll you.

Withdrawals from IRAs can jeopardize financial aid for the year following the withdrawal. But, in general, qualified retirement accounts are not counted towards federal financial aid. To be safe though, we suggest you carefully review your own circumstances with a tax expert, financial advisor, or your financial aid office.

In general, qualified retirement accounts are not counted as assets against a person's eligibility. For more information, check with your benefits office.

No, there are big differences. Banks offer checking and savings accounts that typically pay less interest and might offer other savings and investment products. MyCTSavings helps you save through payroll contributions to your Roth IRA and allows you to invest in various targeted, market-based investments.

All investing involves some risk, including the risk of losing the money you invest. MyCTSavings lets you choose investments based on your age, the length of time to your retirement, and your risk tolerance. There are other factors to consider. If you don’t have sufficient retirement income you may outlive your savings, and inflation can reduce the value of traditional savings accounts.

All investing involves some risk, and there is no guarantee of earnings. The MyCTSavings program offers a range of investment types to help you choose options that balance different levels of risk. Usually, a Cash Preservation Portfolio will have lower risk and potentially lower rates of return. When considering a fund’s past performance, it is important to remember that past performance is not a guarantee of future results.