Traditional IRA

Forum|Forum|1 year ago
February 24, 2025
1 reply
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I'm currently retired and drawing social security and a pension. I also have earned income (1099NEC) from a consutling business. Does receiving retirement benefits constitute being covered by another retirement plan thereby limiting my ability to contribute to a traditional IRA?

Not A Product Question

SusanY1

No, receiving retirement benefits does not constitute being covered by another retirement plan for purposes of determining if you are eligible for a Traditional IRA contribution.

Covered by a retirement plan in this case means having the option to contribute to one through your employer.

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