Who can contribute to a traditional Can you invest in a roth ira after retirement? How do deductible and nondeductible IRAs differ? When can I take money out of a traditional IRA?
When do I have to start withdrawing from a traditional IRA? How do I know if a traditional IRA is right for me? However, whether your contributions are tax deductible depends on your income and whether you have access to a work-related retirement account. If your spouse doesn’t work outside the home, he or she can also invest up to the federal limit and deduct the full amount. 10,000 for a married person filing separately. For more on whether to choose a traditional IRA or a Roth IRA, see Which is better for me, a Roth or traditional IRA?