Earnings from work come in the form of salaries, tips, or bonuses, so you'll likely need to have at least some type of part-time work. Yes, you can contribute to an IRA after you retire (with caveats). It depends on what type of IRA it is; for example, if you're looking for a more secure option, you may want to consider an IRA backed by Gold. Just about anyone can contribute to a traditional IRA, as long as you (or your spouse) receive taxable income and are under 70 and a half years old. However, your contributions are tax-deductible only if you meet certain requirements.
For more information on those qualifications, see Who can contribute to a traditional IRA? Regardless of your age or employment status, you can never exceed the annual contribution limits set by the IRS for both types of IRAs. Contributing to an IRA or Roth IRA during retirement has benefits, depending on your particular situation. Your total contributions to your IRA and your spouse's IRA cannot exceed your combined taxable income or the annual IRA contribution limit multiplied by two, whichever is less. Do not use Form 8606, Non-Deductible IRAs (PDF/PDF, Non-Deductible IRAs) to declare non-deductible contributions to a Roth IRA.
If you do so before the deadline for filing your tax return (including extensions), you can consider the contribution as if it had been made to the second IRA of that year (practically ignoring the contribution to the first IRA). But what's better for retirees, a Roth IRA or a traditional IRA? The potential tax-exempt withdrawals offered by Roth IRAs are an attractive advantage, but some people may benefit more from the tax-deductible contributions that traditional IRAs involve. If you're currently in a lower income tax bracket than you expect to be in the future, you can basically pay your taxes in advance today by contributing to a Roth IRA. After confirming that you are eligible to make contributions to an IRA during retirement, you may need guidance on how much you can contribute or help evaluating whether a Roth or a traditional IRA is better for you.
Gold and other ingots are collectibles under the IRA statutes, and the law discourages the possession of collectibles in IRAs. However, you must use Form 8606 to declare the amounts you have converted from a traditional IRA, SEP, or simple IRA to a Roth IRA. To recharacterize a regular contribution to an IRA, you ask the administrator of the financial institution holding your IRA to transfer the amount of the contribution plus earnings to a different type of IRA (either a Roth or traditional one) through a transfer from trustee to trustee or to a different type of IRA with the same trustee. For contributions to a Roth IRA, make sure you can contribute to a Roth IRA right from the start.
A requalification allows you to treat a regular contribution made to a Roth IRA or a traditional IRA as if it had been made to another type of IRA. First, make sure that you actually have the taxable compensation required to make the traditional IRA or Roth IRA contributions you're considering making. In general, a qualified charitable distribution is a taxable distribution of an IRA (other than an ongoing SEP or SIMPLE IRA) owned by a person aged 70 and a half or older and that is paid directly from the IRA to a qualified charity. .
