[Chorus] If you believe in forever, Then life is just a one-night stand. If there's a rock and roll heaven, Well you know they've got a hell of a band, band, band. Jimmy gave us rainbows, And Janis took a piece of our hearts, And Otis brought us all to the dock of a bay. Sing a song to light my fire, Remember Jim that way, They've all found another place, another place to play.
Although you can contribute to a Roth IRA during your retirement years, you cannot contribute unlimited amounts of money. The IRS enforces contribution limits for traditional and Roth IRAs regardless of age. In 2010, for example, you could contribute $6,000 if you are older than 50.
Contributions to a Roth IRA are not tax-deductible, but funds in a Roth IRA grow tax-free, and qualified withdrawals are free from federal income taxes. Any taxpayer who has earned income, and who is younger than 70-1/2 years old as of the end of the tax year, can set up and contribute to a traditional IRA.Taxpayers may not make additional contributions to a traditional IRA once they reach 70-1/2 years.Any taxpayer of any age with earned income may set up and contribute to a Roth IRA. The IRS may reduce or eliminate individuals' contributions to a Roth IRA, based on amount of compensation they earn during the tax year.Amounts may vary from year-to-year based on current tax regulations.ny taxpayer of any age with earned income may set up and contribute to a Roth IRA. The IRS may reduce or eliminate individuals' contributions to a Roth IRA, based on amount of compensation they earn during the tax year. Amounts may vary from year-to-year based on current tax regulations.