ROTH IRA for Senior

Terry Says

Not unless you have “earned income” from work. Social security or investment income doesn’t count in that category. But if you are still working, even part-time, you can definitely make a contribution to a Roth IRA. BUT, I have bad news for you: a Roth IRA contribution is NOT tax deductible! Yes, the money will grow tax-free inside your Roth. And you are not required to take withdrawals. Those are benefits of a Roth IRA. But again, your contribution is NOT a tax deduction!