Can I still contribute to a Roth IRA if I'm older than 70½ and I'm still working?

An excess contribution is a contribution to a Traditional or Roth IRA that is not permitted or that is larger than is permitted. For example, if the total amount of your contributions to one or more Roth and Traditional IRAs exceeds the annual limitation, if your total annual contributions exceed your taxable compensation income for the year or if your permitted Roth contribution was reduced or eliminated because of the size of your modified adjusted gross income. Other factors may also result in an excess contribution. Refer to IRS Publication 590 and consult your tax advisor…

You are eligible to contribute to a Traditional IRA if you received taxable compensation during the year and you are under the age of 70½ by the end of the year. Traditional IRA contributions are not subject to income limits. You can contribute to a Roth IRA after age 70½ as long as you have taxable compensation. Roth IRA contributions are subject to income limits. If you are not employed but have a spouse who is, your spouse may be able to make a contribution on your behalf. You can open an IRA account even if you are covered by another retirement plan…

You can find information on current IRA contribution limits on our website. This limit is the most that can be contributed to all your combined IRAs, Traditional or Roth, for a given year…

Yes. You can contribute to a Roth IRA or Traditional IRA regardless of whether or not you have an employer-sponsored plan. In fact, IRAs are a great way to enhance your savings.

While participation in a retirement plan does not change how much you can contribute to an IRA, it can affect whether or not you are eligible to deduct your contributions to a Traditional IRA on your tax return. As long as you have earned compensation, you can always make nondeductible contributions to a Traditional IRA and benefit from tax-deferred earnings…