Can a 64-yr old retiree receiving pension social security benefits make a non-taxable contributution to IRA?

Posted by Dolores
Berton S asked:


Retired a couple of years ago and collecting SS benefits and Medicare and pension. Want to put up to $3,000 per year for the next few years in a regular IRA. Does the IRS regs/rules prevent me from doing so? Penalties or ok?

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This entry was posted on Saturday, April 10th, 2010 at 1:42 am and is filed under Personal Finance. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

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2 Responses to “Can a 64-yr old retiree receiving pension social security benefits make a non-taxable contributution to IRA?”

  1. Wayne Z Says:
    April 12th, 2010 at 12:43 pm

    Kansieo.com

    No can do.

    In order to contribute to an IRA, you must have earned income. Earned Income is income from wages/salary or self-employment.

  2. jlf Says:
    April 14th, 2010 at 7:54 am

    Website content

    Not unless you have earned income - salary or wages.