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Aneromfour
March 4, 2024
Question

Should a single male 69 invest in ira now?

  • March 4, 2024
  • 1 reply
  • 0 views
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1 reply

X
xmasbaby0
Employee
March 4, 2024

Not sure what you think your gender has to do with it.   Do you have income earned from working to invest into an IRA?

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
X
xmasbaby0
Employee
March 4, 2024

@Aneromfour https://www.irs.gov/retirement-plans/traditional-and-roth-iras#:~:text=You%20can%20contribute%20at%20any,and%202022%20and%202023%20limits).

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
JohnB5677
JohnB5677
March 5, 2024

It depends.  If you're still working, you have the option to contribute to an IRA at any age.

  • One factor is the amount of Social Security that is being taxed.
  • If your still working, it doesn't take long for your Social Security to become taxable.
  • You can experiment with it in TurboTax without making a final decision.

Log into TurboTax.

  1. Go to Deductions & Credits
  2. Scroll to Retirement and Investments IRAs, investment interest expenses
  3. In the drop down menu select Traditional and Roth IRA Contributions
  4. You can post up to $7,500 provide you have the wages to cover it.
  5. Evaluate the result, and make a decision.

This may present a tax advantage when you stop working and take additional funds from the IRA.

 

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