Can I as a retiree contribute to a Roth IRA? My only source of income is from my federal pension and investments. And if I can contribute to a Roth, should I?
You can contribute to a Roth IRA only if you have earned income from a job, so it looks like you don't qualify. One exception would be if you have a spouse who still works. In that case, she can contribute to a spousal IRA on your behalf as long as she earns more than she contributes to accounts for each of you, and you file a joint return. The maximum contribution in 2007 is $4,000 per person ($5,000 if you're 50 or older).
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