I’m 69. How long can I contribute to a Roth?

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Q. I opened a Roth for $7,000 for tax year 2022 .I am 69. How long can I keep putting money into the Roth and what is the maximum yearly amount I can contribute? Can I use my Social Security to pay for it or will I need a job to pay for it even when I’m over 70 years old?

— Investor

A. We’re glad to see you’re setting money aside in a Roth IRA.

It’s a great way to save for the future while shielding the money from tax.

For 2023, the total contribution limit is $6,500 per year, and it’s $7,500 if you’re over age 50, said Victor Cannillo, founder of Baron Financial Group in Fair Lawn.

He said you can contribute to your Roth IRA in perpetuity — as long as you’re still earning income.

“Social Security does not count as earned income,” he said.

The IRS describes earned income as “the taxable income and wages you get from working for someone else, yourself or from a business or farm you own.”

“Therefore, you would need to keep working to continue contributing,” Cannillo said.

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This story was originally published on June 27, 2023.

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