Traditional IRA

• You may make deposits to your traditional IRA until you are 70 1/2 years old, at which time you must begin to take minimum withdrawals.
  
  

Roth IRA

• You are eligible to deposit funds into a Roth IRA for as long as you like as long as you do not exceed the maximum income limits set by the IRS.
  
  

Earned Income

• You must have earned income equal to or greater than the amount you deposit into your individual retirement account.
  
  

Age Requirement

• Until you are 50 years old, the IRS allows you to deposit up to $5,000 per year into your IRA. Once you reach 50 years of age, your maximum contribution is $6,000 per year.
  
  

Time Frame

• You have until April 15 of the next year to make deposits to your IRA for the current year. You may deposit into both an IRA account and a 401(k) account during the same tax year.