Traditional IRA contributions after RMD age may make sense, but it depends on your tax situation.

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Video Content Details

00:00 Intro
01:50 CRISPR Therapeutics AG (CRSP)
05:13 Market Wrap
07:53 Southside Bancshares Inc (SBSI)
10:30 Wabash National Corp (WNC)
13:00 TFI International Inc (TFII)
15:50 You Can Make IRA Contributions at Any Age, but Should You
19:26 SML Holding N.V. (ASML)
22:39 ProShares Short Russell2000 (RWM) or Pacer US Small Cap Cash Cows 100 ETF (CALF)
25:35 Home Sales
28:20 TELUS Corp (TU)
30:02 A-I in the Finance Industry
32:52 US Oil Industry
35:08 Amplify Junior Silver Miners ETF (SILJ)
37:14 Campbell Soup Co (CPB)
39:09 Interest Rates

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IRA contributions are a way for individuals to save for retirement while also receiving potential tax benefits. While many people believe that IRA contributions are limited to a certain age group, the truth is that you can make contributions at any age. However, the question remains: should you?

One factor to consider when deciding whether or not to make IRA contributions at an older age is your current financial situation. If you are nearing retirement and have a stable source of income, it may make sense to continue making contributions to your IRA in order to maximize your savings for retirement. However, if you are already retired and living off of your savings, it may not be necessary to continue making contributions to your IRA.

Another factor to consider is the potential tax benefits of IRA contributions. By contributing to a traditional IRA, you may be able to deduct your contributions from your taxable income, thereby reducing your tax liability. On the other hand, contributions to a Roth IRA are made with after-tax dollars, but withdrawals in retirement are tax-free. Depending on your current tax bracket and future retirement plans, one type of IRA may be more beneficial for you than the other.

It is also important to consider the impact of IRA contributions on your overall financial picture. If you have outstanding debts or other financial obligations, it may be more beneficial to use your money to pay off these debts rather than contribute to your IRA. Additionally, if you have already maxed out contributions to other retirement accounts, such as a 401(k) or 403(b), you may want to consider other ways to invest your money rather than continuing to contribute to your IRA.

Ultimately, the decision to make IRA contributions at any age is a personal one that should be made based on your individual financial goals and circumstances. It may be beneficial to consult with a financial advisor to determine the best course of action for your retirement savings. By carefully evaluating your financial situation and considering all factors, you can make an informed decision about whether or not to continue making IRA contributions at any age.