topic Traditional IRA eligibility in Retirement tax questions

Traditional IRA eligibility

redron — Wed, 11 Feb 2026 04:44:24 GMT

I am 65 years old I worked last year until September and then retired. I had earned income up to that point. Can I still take out a traditional IRA for 2023?

Re: Traditional IRA eligibility

DoninGA — Fri, 02 Feb 2024 14:17:17 GMT

Yes, you can contribute to an IRA since you have taxable compensation.

For 2023, the total contributions you make each year to all of your traditional IRAs and Roth IRAs can't be more than:

$6,500 ($7,500 if you're age 50 or older), or
If less, your taxable compensation for the year

Re: Traditional IRA eligibility

redron — Fri, 02 Feb 2024 16:09:18 GMT

Thanks!