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You can contribute to a Roth IRA at any age.
But with a traditional IRA, you must be under age 70½ to contribute.
The amount you can contribute to a Roth IRA could be reduced—or even eliminated—based on your gross income.
Traditional IRAs have no such restrictions.
For both Roth IRAs and traditional IRAs, the amount of your contribution can't exceed the amount of income you earned that year.
Nonworking spouses and minors may also be able to contribute, but check the special income rules first.
Whether you’re investing in a Roth IRA or traditional IRA, for the 2014 and 2015 tax years
If you're under age 50, you can contribute up to $5,500.
If you're age 50 or older, you can contribute up to $6,500.
Limits could be lower based on your income.
You can't deduct your Roth IRA contribution. But some or all of your traditional IRA contribution can be claimed as an IRA deduction. The deductible amount could be reduced or eliminated if you or your spouse is already covered by a retirement plan at work.
For both Roth IRAs and traditional IRAs, you’ll need $1,000 for Retirement Fund
With a Roth IRA, you'll never pay taxes on withdrawals of your contributions. And you won't pay taxes on withdrawals of your earnings as long as you take them after you've reached age 59½ and you've met the 5-year holding period requirement.
But with a traditional IRA, you'll pay ordinary income tax on withdrawals of all earnings and on any contributions you originally deducted on your taxes.
There are no penalties on withdrawals of Roth IRA contributions. But there's a 10% federal penalty tax on withdrawals of earnings.
With a traditional IRA, there's a 10% federal penalty tax on withdrawals of both contributions and earnings.
Roth IRAs have no required minimum distributions during your lifetime.
But if you own a traditional IRA, you must take your first RMD by April 1 of the year following the year you reach age 70½.
I advise you that you may wish to consult a tax advisor about your situation.
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