Hi MikeysGirl,
You and your spouse (if married filing jointly) can now contribute to an Ira at any age. Your self-employment income does qualify as taxable compensation for purposes of an Ira contribution. This includes both the Traditional or a Roth Ira.
However, limitations do apply. In 2023, for a Roth Ira, your modified adjusted gross income can't not exceed $218,000 for Married Filing Jointly. In this case, you can contribute the maximum of $7500 for an individual aged 50 or older. If your compensation is less then $7500, then the maximum you can contribute is your compensation.
https://www.irs.gov/retirement-plans/traditional-and-roth-iras
https://www.irs.gov/retirement-plans/amount-of-roth-ira-contributions-that-you-can-make-for-2023
