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Greetings, Newbifool, and welcome. You wrote in part:

I AM RETIRED AT 63 AND I AM NOT SURE IF I CAN OR SHOULD HAVE AN IRA AND HOW IT WORKS TO MY BENAFIT

<snip>

NOW I SOLD EVERY THING AND I AM ALL CASH IN THE MARKET , THE THOUGHT CAME TO ME WITCH IS RARE WHAT ABOUT AN IRA OR A ROTH SEEING I AM THINKING ,IT MIGHT SAVE ME SOME THING ON MY TAXES


I'm sure you're unaware of this, but you might try turning off your Caps Lock key. Typing in all caps in an on-line forum is considered the same as shouting in ordinary conversation. Some people consider that quite rude and impolite. Also, some (like me) find an all caps message much harder to read. Therefore, if you don't wish to type in both upper and lower case, it may be best to choose just lower case.

As to your question, you say you are retired. If you are fully retired and unemployed (i.e., no job income from wages or self-employment income, then by law you are ineligible to contribute to an IRA. Thus, your question is moot. OTOH, if you do have a job, then you may make a fully deductible contribution up to $4,500 this year to a traditional IRA provided your job income is less than $50K as a single filer or $70K if you jointly file with your spouse. Details may be found in IRS Publication 590, Individual Retirement Arrangements, available at http://www.irs.gov/pub/irs-pdf/p590.pdf .

Hope that helps.

Regards ... Pixy
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