Permalink Submitted by Alan - IRA critic on Tue, 2013-08-13 16:59
Not directly, that is not by rollover. But if you are still working and eligible for a regular IRA contribution (traditional stops at age 70.5, but not Roth) from the earned income, you can use any funds you have to make the regular contribution. The pension payments are paid over your lifetime, so they are not eligible for rollover as indicated in the attached definition of an “eligible rollover distribution”: http://www.retirementdictionary.com/definitions/eligiblerolloverdistributionerd
Permalink Submitted by Alan - IRA critic on Wed, 2013-08-14 02:39
Then you can use that earned income to make a Roth IRA contribution or a TIRA contribution if you will not reach 70.5 before year end. You can deposit your paycheck into your checking account which may also be receiving your SS checks, and write one or more checks and send them to your Roth custodian as a regular Roth contribution. You can contribute up to 6,500 for 2013.
Permalink Submitted by mk foss on Wed, 2013-08-14 23:33
A Roth contribution can be made as long as you have earned income. The contribution cannot exceed the earned income.A similar rule applies to a traditional IRA – EXCEPT that no contributions are allowed once you attain age 70.5I’m not sure if this was clear in an answer above.
Permalink Submitted by Giuseppe Boscolo on Tue, 2013-08-13 16:52
Can your monthly Social Security Checks be deposited in to your Roth IRA?
Permalink Submitted by Alan - IRA critic on Tue, 2013-08-13 16:59
Not directly, that is not by rollover. But if you are still working and eligible for a regular IRA contribution (traditional stops at age 70.5, but not Roth) from the earned income, you can use any funds you have to make the regular contribution. The pension payments are paid over your lifetime, so they are not eligible for rollover as indicated in the attached definition of an “eligible rollover distribution”: http://www.retirementdictionary.com/definitions/eligiblerolloverdistributionerd
Permalink Submitted by Giuseppe Boscolo on Tue, 2013-08-13 17:05
What the best way to handle your monthly checks and how does one who might not need the money get these monthly checks in to a Roth IRA.
Permalink Submitted by tomd37 on Tue, 2013-08-13 17:22
Do you still have earned income from a job or self-employment?
Permalink Submitted by Giuseppe Boscolo on Wed, 2013-08-14 02:25
yes I still have earned income from my paartime job.
Permalink Submitted by Alan - IRA critic on Wed, 2013-08-14 02:39
Then you can use that earned income to make a Roth IRA contribution or a TIRA contribution if you will not reach 70.5 before year end. You can deposit your paycheck into your checking account which may also be receiving your SS checks, and write one or more checks and send them to your Roth custodian as a regular Roth contribution. You can contribute up to 6,500 for 2013.
Permalink Submitted by mk foss on Wed, 2013-08-14 23:33
A Roth contribution can be made as long as you have earned income. The contribution cannot exceed the earned income.A similar rule applies to a traditional IRA – EXCEPT that no contributions are allowed once you attain age 70.5I’m not sure if this was clear in an answer above.