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Retirement tax questions
Yes, you can contribute to a Roth IRA as long as you have earned income (and meet the income limitations). Receiving a pension does not disqualify you from continued saving.
From the IRS IRA Contribution Limits:
For 2021, 2020 and 2019, the total contributions you make each year to all of your traditional IRAs and Roth IRAs can't be more than:
- $6,000 ($7,000 if you're age 50 or older), or
- If less, your taxable compensation for the year
In addition to the general contribution limit that applies to both Roth and traditional IRAs, your Roth IRA contribution may be limited based on your filing status and income.
March 7, 2021
9:42 AM