topic Traditional IRA in Investing

Traditional IRA

kburd — Mon, 24 Feb 2025 20:39:34 GMT

I'm currently retired and drawing social security and a pension. I also have earned income (1099NEC) from a consutling business. Does receiving retirement benefits constitute being covered by another retirement plan thereby limiting my ability to contribute to a traditional IRA?

Re: Traditional IRA

SusanY1 — Mon, 24 Feb 2025 20:45:09 GMT

No, receiving retirement benefits does not constitute being covered by another retirement plan for purposes of determining if you are eligible for a Traditional IRA contribution.

Covered by a retirement plan in this case means having the option to contribute to one through your employer.