Retirement Planning/IRA Funding

Advertisement


Question
Hello:

Is it possible or legal to make deposits into an IRA during retirement?

For example, if someone has money in a bank account, can he use this money to fund his IRA since the money in the account was earned will he was working?

I thank you for your reply.

Answer
Hi Kenneth,

In order to make a deposit into an IRA they would have to have "earned income" which would be income form working, rental properties, etc. The deposit could also not be more than the amount of earned income for that year either. Probably wouldn't be a good idea to do it anyway. I hope this helps!

Dave  

Retirement Planning

All Answers


Answers by Expert:


Ask Experts

Volunteer


David M Iannopollo

Expertise

I am a professional financial advisor who can assist you with answers on mutual funds, annuities, IRA's, rollovers, qualified and non-qualified retirement plans, retirement planning, educational planning, life, disability and LTC insurances. I can also show you how to take advantage of the stock market gains without the risk of loss!

Experience

I have over 25 years experience in the business and financial world.

Education/Credentials
Life experience has been my greatest education!

©2016 About.com. All rights reserved.