Can I contribute to my personal ira account since my only income is from social security disability insurance?

Question

I am 54. I became disabled and have been getting s.s. disability as my only income. I will continue to get this since I am disabled. I have an IRA which I was contributing to for 28 years, until I became disabled.. Can I make any contribution to my IRA now ? If I convert to a Roth IRA is this any advantage?

Answer 1

an IRA is a private fund that you can contribute to as much as you want at your own discretion.

401k's are the ones that you gotta worry about between employment

Answer 2

Since you are no longer earning income, you are no longer eligible to add money to an IRA or a ROTH IRA.

You state that the SS disability is your only income.  Look at your tax return, how much can you have of income before you start paying taxes?  That's the amount you might want to withdraw from the IRA (converting any money to a ROTH counts as a withdrawal).

Answer 3

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