sandybeth wrote:

- quote -

1) Yes, if you don't need the money, it is wise. $6000 is the limit for
2008. There is no downside. The 5 year rule is not for deposits, but for
conversions and income. (Which is why I advocate the dual use of Roth
for emergency fund and start of retirement savings for beginners who
cannot fund both)
2) I believe there is no age limit, just the income requirement.
3) Sure, many people have $X taken out of each paycheck, so they have 52
deposits per year to their IRA.

JOE

My husband and I are both retired, ages 62 & 61. We have pensions and
will be getting SS. No debts. We also have conservatively invested
monies we can tap into for big purchases if needed. We both have
traditional IRA's and Roths.
1) Assuming we have part-time jobs to equal the contributions, is it
still wise for us to be contributing to our Roth's every year? The
only downside I see is that we can't take the money out for 5 years
without penalty.
2) Hypothetically, can one contribute to a Roth even after turning,
say, age 71 and is earning equal money? Or is there an age limit?
3) Can one contribute several times to the Roth during a given year?
For example, I made a contribution of $3000 last May (for 2007) but
ended up earning more than expected from a job, so want to contribute
that much more before April for the 2007 year.
SandyBeth