IRA contibution at age 68

What is the name of your state? Georgia
Is it true that at 68 years old and I have not touched my IRA I can still contribute $5000? Also I had no earned income only retirement and SS will I get the same tax benefit with this contribution?

nottelybill said:

What is the name of your state? Georgia
Is it true that at 68 years old and I have not touched my IRA I can still contribute $5000? Also I had no earned income only retirement and SS will I get the same tax benefit with this contribution?

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Ask the folks who run your IRA your questions.

nottelybill said:

What is the name of your state? Georgia
Is it true that at 68 years old and I have not touched my IRA I can still contribute $5000? Also I had no earned income only retirement and SS will I get the same tax benefit with this contribution?

Click to expand...

Since you no longer have earned income you really cannot contribute to an IRA.

You can only contribute "earned" income to an IRA. However, if your IRA is a sizeable amount, you may still be able to convert a portion of it to a Roth IRA if that would benefit you or heirs in the long run. You would owe tax on the converted amount, so try not to convert so much each year that it bumps your tax bracket. But there is also an issue that when you first open a Roth IRA gains are not qualified for 5 years. And I am not sure if being eligible for IRA distributions would negate the normal 10% penalty if you withdraw a converted amount within 5 yrs.

Just note that when you reach age 70.5, you cannot convert required minimum distributions (RMD) to a Roth IRA, so you could only convert an amount beyond the RMD.