With the SECURE Act and CARES Act, the IRA rules have changed. Let’s start with what is now current law:
Who Can Contribute to an IRA?
Earned Income Requirement: You or Your Spouse Must Have Earned Income
Age Restrictions: No Age Restrictions for Traditional or Roth IRA Contributions, New with the Secure Act – Eliminating Age Limit for IRAs
How Much Can You Contribute to an IRA and 401(k)?
IRAs or Roth IRAs: $6,000 ($7,000 if 50 years old)
401(k) or Roth 401(k): $19,500 ($26,000 if 50 years old)
Watch the full episode, Re-energize Your IRA
