To license Fortune articles, excerpts, or headlines for republication in various media (including books, eBooks, film, web, newsletters, newspapers, magazines and others), please email syndication@timeinc.com.
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.
You must contribute earned income to both a traditional IRA and Roth IRA. Earned income is money you generate from wages, self-employment, a partnership or even alimony. But an inheritance, or income from an inheritance, is not earned income and therefore cannot be contributed to an IRA. But you do have some options.The easiest suggestion would be to get some sort of job. With earned income, you can contribute to a traditional IRA until you turn 70 Â½ years old. And you can contribute to a Roth IRA even after you turn 70 Â½ .Again, though, you must have earned income, so it might be income working part time.Remember, though, that the amount you can contribute is limited by the amount of your earned income.ut you do have some options. The easiest suggestion would be to get some sort of job. With earned income, you can contribute to a traditional IRA until you turn 70 Â½ years old. And you can contribute to a Roth IRA even after you turn 70 Â½ .