IRA investing as a senior

[LillyRose]

My husband is 75, I am 70.  He works full time.  Are we able to pay into or start an IRA to invest at our age.  We both are on social security and receive an RMD on two IRA's that we have.  One was set up when he was in a solo business under a Defined Benefit Plan and the other was a simple IRA.  We'd like to invest to reduce our taxes if possible for next year

[KarenL4]

Hi, LillyRose:

Good news!  Provided that you have earned income (e.g. ,your husband's employment , you can contribute to a traditional or Roth IRA even if you're taking RMDs.  Whether or not it is going to help you with your taxes is a more complicated question which requires consideration of whether or not the contribution is deductible. Contributions to Roth IRAs are after-tax, and will not get you a current income tax benefit, but may benefit you in the future by not paying taxes on earnings.  Traditional IRA's are deductible if you are eligible. Here's an article that addresses those limitations.  

Congratulations on being able to consider continuing to save for retirement in your 70's!

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Regards,

Karen