Can a retired person over 71 years old contribute to an existing Roth retirement account? I have Roth retirement accounts set up for both myself & spouse. Can either or both of us make contributions to these pre-exisiting Roths. Our income is limited to Social Security and pension and dividends and interest from investments.
You need taxable compensation to contribute to a Roth IRA. Pension/retirement income, Social Security, interest and dividends received is not taxable compensation.
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