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Investing/Strategies / Retirement Investing
|Subject: Re: IRA contributions||Date: 2/22/1998 6:03 PM|
|Author: TchrP||Number: 1910 of 75797|
>> Can you continue to contribute money to your IRA after you retire?
Yes... IF you have earned income. Earned income consists of income from work, as opposed to investment income (investing is not considered work), pension benefits, or Social Security. You may contribute up to $2,000 or 100% of your earned income, whichever is less.
Also, I believe that you can only contribute to a traditional IRA up to age 70½, because that's the age at which you're required to begin taking money *out* of a traditional IRA. However, there is no age limit for contributing to a Roth IRA, nor does a Roth IRA have any mandatory distribution.
So someone who is fully retired, with no earned income, can't contribute to any IRA. A person who continues to work a bit can contribute, to a Roth if not to a traditional IRA.
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