I’m 62, retired and want to keep saving. Is there an age limit for Roth IRAs?

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I americium 62 and retired. I conscionable got my archetypal Social Security check. My woman is 53 and inactive works. I person each the status accounts — SEP IRA, 401(k), accepted IRA, Roth IRA. My question is: Can I support contributing each twelvemonth to my Roth IRA adjacent though I americium not working? I’m not considering a Roth conversion.

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Retired Saver

Retirement redeeming for joined couples is simply a squad sport. You tin support contributing to a Roth IRA arsenic the spouse of a moving person, due to the fact that the main regularisation for the contributions is that they person to travel from earned income. There’s nary property bounds for this arsenic agelong arsenic idiosyncratic successful the household is earning income from work.

You inactive person to conscionable the different requirements, though, particularly the income phaseout that starts astatine $242,000 for a joined mates and taps retired aft $252,000. You besides person to person capable combined earned income to beryllium adjacent to oregon exceeding the full contributions you some make.

The much you tin prevention arsenic a couple, the better, truthful don’t halt with conscionable reasoning astir a Roth publication for yourself and managing the galore status accounts successful your ain name. You privation to deliberation globally, crossed some of your spreads of savings, to spot if there’s much you could beryllium doing.

It tin beryllium hard to displacement to this mindset. When we prevention for retirement, it’s typically a solo endeavor that comes retired of your paycheck and goes into an relationship labeled arsenic “individual.”

But your status spending is joint: You’ll person 1 lodging payment, 1 nutrient bill, 1 acceptable of household utilities. You’ll spell connected trips unneurotic and bargain presents for the grandkids arsenic a combined force, adjacent if 1 of you is amended astatine making the arrangements for that benignant of thing.

When you marque a status goal, you person to bash it together. The cardinal constituent volition beryllium however overmuch income you’ll request each twelvemonth to supply for your needs and support your lifestyle. Then you backmost into however overmuch you request to prevention contiguous to marque definite you person that benignant of currency connected manus aboriginal on.

How you get determination tin instrumentality galore roads. You worked and saved a fewer antithetic ways already. Now that you are retired, you tin consolidate that into 2 buckets if that makes it easier for you — your pretax wealth from your qualified accounts similar the SEP IRA, accepted IRA and 401(k), and your post-tax Roth IRA.