Q. Can I take advantage of an traditional IRA under these circumstances. I am retired, with a pension from my former job plus Social Security distributions. I am 70.25 years old (limit 70.5). If I am eligible to start an IRA, then how long must it remain to avoid any withdrawal penalties? And what fees are involved during withdrawals? I understand that I would only be eligible to make a one-time catch up contribution of $6,000. This move is an effort to reduce the taxes due for 2009.
A. You are not eligible to contribute to an IRA unless you have earned income.
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