How much can i contribute to a traditional ira if i am retired

[mlstachnik]

Can my husband contribute to an IRA if he is retired?   He is 68.

[macuser_22 · Accepted solution]

For 2015, 2016, and 2017, your total contributions to all of your traditional and Roth IRAs cannot be more than:

• $5,500 ($6,500 if you’re age 50 or older), or
• your taxable compensation for the year, if your compensation was less than this dollar limit.

Compensation is money that you worked for (wages or net self-employed income).    If married filing jointly either spouse can earn the income but the total contributions for both spouses cannot exceed the amount of compensation.