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If you or your spouse do have earned income, you can contribute to a Roth at any age (unlike a traditional IRA, which prohibits contributions starting in the year you turn age 70Â½). To qualify for a Roth IRA in 2007, the adjusted gross income on your joint return must be less than $166,000 ($114,000 for singles).And the amount you can contribute starts to phase out at $156,000 ($99,000 for singles).You can benefit from contributing to a Roth even if you're well into your senior years.f you die with a Roth, your heirs inherit the money income-tax free. If you or your spouse had any earned income last year, you still have until April 17 to open a Roth IRA for 2006. And you can contribute to a 2007 IRA anytime now, too.
Investors planning to open a Roth IRA can choose from multiple providers. While some providers require investors to provide a minimum deposit when they open the account, others do not. A Roth IRA is a retirement account that allows funds to grow tax-free until the holder reaches age 59 1/2. Unlike the contributions made to a traditional IRA, the contributions made to a Roth IRA are not tax deductible.