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 $5,000 each in 2010 (same in 2009), providing your tax filing status is married/filing jointly and your combined compensation (earnings) are equal to the contributed amount. As a result, a couple can make regular contributions of up to $10,000 in 2010 (same in 2009).

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.