Ask Terry Questions Mitigating taxes in retirement

Mitigating taxes in retirement

By Terry Savage on June 03, 2025 | Financial Planning / Retirement

I have an annuity through my union. I’m a retired electrician. Knowing that one can only contribute to a Roth IRA with earned income, can I transfer any portion of my annuity that I’ve earned while working into my Roth? Thank you!

Terry Says

Nope. It must be current, earned income in that year to contribute to an IRA of any type.

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