ROTH IRA Contributions after Retirement
If I retire mid-year, do I have to stop my monthly ROTH IRA contributions on my retirement date or can I continue for the remainder of the tax year since I have earned income for the year?
Thank you!
If I retire mid-year, do I have to stop my monthly ROTH IRA contributions on my retirement date or can I continue for the remainder of the tax year since I have earned income for the year?
Thank you!
Permalink Submitted by Raymond Henry on Thu, 2023-07-06 16:04
The limits are for the entire year. On the other hand, if you have the money now, why not just invest it?
Permalink Submitted by Alan - IRA critic on Thu, 2023-07-06 16:30
Yes, you can continue the contributions since you will have enough earned income to cover them. You could contribute up to next 4/15 for 2023, but be sure to shut down automatic contributions by the end of the year because automatic contributions made in 2024 will be reported as 2024 contributions.