Wednesday, September 5, 2012
My financial questions: When do you have to stop contributing to a ROTH IRA?
That being said, the answer seems to be that under current law you can continue to contribute as long as you have earned income (not investment income) and don't exceed the maximum income limits. You also cannot contribute more than your earned income. Although you have to start taking minimum withdrawals at 70 1/2, you can still contribute if you are earning income. You earnings on your investment would continue to be tax free.
I'm not sure what we will do while we are still earning income. Once we start taking withdrawals I imagine we will not continue to contribute to our ROTH IRAs. Of course the laws pertaining to them could change at any time and that would affect our decisions as well.
Does anyone know more about this?
UPDATE: See the comment below to see how wrong information on the internet can apparently be. I like the possibility that if I am not earning income in a few years as the older spouse then we can still put money into my ROTH. Ditto for not having to withdraw.