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!
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.
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?