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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.
Age 59 1/2 Rule and Five-Year Rule. You can withdraw your contributions to a Roth IRA at any time under any circumstances. Earnings, however, are another story. You must reach the age of 59 1/2, and your Roth IRA must have been open for five years, before you can take out any earnings with no taxes or penalties. If you withdraw earnings before five years have passed, you will be subject to a 10 percent penalty plus ordinary income tax.