There is no age limit for contributing to a traditional IRA, but contributions to a traditional IRA are no longer allowed once a person reaches the age of 70 ½. For a Roth IRA, there is no age limit for contributions as long as the individual has earned income.
$5,000
There is no age limit for contributing to a traditional IRA, as long as the individual has earned income. However, individuals must start taking required minimum distributions (RMDs) from their traditional IRA starting at age 72 (previously 70 ½).
No, you cannot contribute to a SEP IRA if you are over 71, even if you are still working. However, you can still contribute to a traditional IRA if you have earned income.
You can contribute to a Roth IRA after age 70.5 as long as you have earned income, but you cannot contribute to a traditional IRA after that age. For a 401(k) plan, it depends on the rules of the specific plan, but typically you can continue to contribute to it past age 70.5 as long as you are still working and the plan allows for it.
Yes, a 71-year-old can contribute to a traditional IRA as long as they have earned income. They are also eligible to contribute to a Roth IRA regardless of age if they meet income requirements.
[70] million years old
As of right now you can contribute up to $5500 each year to a Roth IRA. If you are over 50 years of age, you can contribute an additional $1000 for a total annual contribution of $6500.
$5,000
You can contribute as much as you want to an IRA, but you would pay an excess contribution tax on the amount over $5,000. If you are over 50 you can contribute an additional $1,500 ($6,500 total) without penalty.
No, in order to contribute to a Roth IRA, an individual must have earned income. Retirement income, such as pensions or Social Security benefits, does not count as earned income for the purposes of contributing to a Roth IRA. Therefore, if your spouse has retired and is no longer earning income from work, they would not be eligible to contribute to a Roth IRA.
No, you cannot contribute to both a Simple IRA and a Traditional IRA in the same year.
Yes.as long as you do not contribute more than your annual limit.
No, you cannot contribute to both a Simple IRA and a Traditional IRA in the same year. You must choose one type of IRA to contribute to for that tax year.
Yes, you can contribute post-tax money to a Roth IRA, but not to a traditional IRA.
You can contribute to both a 401K and an IRA at the same time (same year).
There is no age limit for contributing to a traditional IRA, as long as the individual has earned income. However, individuals must start taking required minimum distributions (RMDs) from their traditional IRA starting at age 72 (previously 70 ½).
Yes, but combined contribution limits apply. For 2008 the maximum contribution amount is $5,000 for individuals under 50 years of age and $6,000 for those over 50. If you are under 50 and contribute $2,000 to your Roth IRA then you can only contribute $3,000 to your Traditional IRA. For a traditional IRA, you no longer can contribute after the age of 70 1/2 (RMD checks in). For Roth, you can contribute forever since no RMD are taken from this type of IRA account.