My husband and I are both retired, ages 62 & 61. We have pensions and will be getting SS. No debts. We also have conservatively invested monies we can tap into for big purchases if needed. We both have traditional IRA's and Roths.
1) Assuming we have part-time jobs to equal the contributions, is it still wise for us to be contributing to our Roth's every year? The only downside I see is that we can't take the money out for 5 years without penalty.
2) Hypothetically, can one contribute to a Roth even after turning, say, age 71 and is earning equal money? Or is there an age limit?
3) Can one contribute several times to the Roth during a given year? For example, I made a contribution of $3000 last May (for 2007) but ended up earning more than expected from a job, so want to contribute that much more before April for the 2007 year. SandyBeth