Can I contribute to a Roth IRA if I am receiving Social Security?

Yes, you can contribute to a Roth IRA while receiving Social Security, as long as you have earned income (e.g., wages, self-employment income) and your modified adjusted gross income (MAGI) is within the IRS limits for Roth IRA contributions. Social Security benefits are not considered earned income, so you need other sources of earned income to contribute. 

For 2025, the contribution limit is $7,000 ($8,000 if age 50 or older), and the MAGI phase-out ranges are:

• Single filers: $153,000–$173,000
• Married filing jointly: $240,000–$260,000

If your MAGI exceeds these limits, you may not be able to contribute directly to a Roth IRA, but you could consider a backdoor Roth IRA if eligible.

Roth IRA

There's no upper age limit for creating or contributing to a Roth IRA, but there are income restrictions. 

As long as you have earned income and your modified adjusted gross income (MAGI) is below certain limits, you can contribute regardless of your age. For 2024, the full contribution limit applies if your MAGI is less than $160,000 for single filers and $230,000 for those married filing jointly.

Key points about Roth IRA age and income restrictions:

No upper age limit: You can contribute to a Roth IRA at any age as long as you have earned income. 

Income restrictions:

There are income limits for contributing to a Roth IRA. If your modified adjusted gross income (MAGI) exceeds the limit, your contribution amount may be reduced, or you may not be able to contribute at all. 

No required minimum distributions:

Unlike traditional IRAs, Roth IRAs do not have required minimum distributions (RMDs), meaning you can leave the money in the account to grow tax-free for as long as you like. 

Age for withdrawals:

While there's no age restriction for contributing, withdrawals of earnings are generally tax-free and penalty-free if you're 59 1/2 or older and have held the account for at least five years.