Q. I’m past the age for receiving IRA distributions. Can I set up and contribute to a Roth? J.M. Marlton, N.J.
A. We take this to mean that you’re older than age 70½. There’s no age limit for establishing and/or contributing to a Roth IRA. However, just as with a traditional IRA, the amount of your contribution (limited to $6,500 for the 2013 tax year) can’t exceed the amount of your earned income. Thus, if you’re retired and all your income comes from investments and Social Security benefits, you can’t contribute to a Roth.
Tip: For those who have enough earned income, the 2013 limit for contributions to IRAs, including Roth IRAs, is $5,500 ($6,500 if you’re age 50 or older).