It depends on what type of IRA it is. Almost anyone can contribute to a traditional IRA, provided you (or your spouse) receive taxable income and are under 70 ½ years of age. However, your contributions are only tax deductible if you meet certain qualifications. People with traditional IRAs must start using the required minimum distributions at the age of 72, but there is no such requirement for Roth IRAs.
This and other key differences make Roth IRAs a better choice for some retirement savers than traditional IRAs. However, Roth IRAs aren’t available to everyone. If you use this definition of compensation and your income is either above the Roth IRA limit or is zero for a tax year, you cannot contribute to a Roth IRA for that year.
