how long can i contribute to my ira
You can contribute to a traditional IRA up until the year that you turn 70Â½, but not after. For example, if you turn 70Â½ in 2006, you cannot contribute to a traditional IRA after 2005.There is one notable exception.Federal tax rules will allow the rollover of a lump sum, such as a pension payout, into an IRA, even if you are older than 70Â½.ow much can you contribute? Assuming youâre over age 50, and qualify for the âcatch upâ contribution limit, you may contribute $5,000. There is an exception: if your earned income (wages or salary from work) is under $5,000, you may only contribute up to the amount of your earned income.