Can you contribute to a retirement account after retirement?

Yes, you can contribute to an IRA after you retire, but you'll need to have a certain amount of “earned income” to do so. Earnings from work come in the form of salaries, tips, or bonuses, so you'll likely need to have at least some type of part-time work. Yes, you can contribute to an IRA after you retire (with caveats). Contributing to an IRA or Roth IRA during retirement has benefits, depending on your particular situation.

To recharacterize a regular contribution to an IRA, you ask the administrator of the financial institution holding your IRA to transfer the amount of the contribution plus earnings to a different type of IRA (either a Roth or traditional one) through a transfer from trustee to trustee or to a different type of IRA with the same trustee. For contributions to a Roth IRA, make sure you can contribute to a Roth IRA right from the start. First, make sure that you actually have the taxable compensation required to make the traditional IRA or Roth IRA contributions you're considering making. Your total contributions to your IRA and your spouse's IRA cannot exceed your combined taxable income or the annual IRA contribution limit multiplied by two, whichever is less.

Do not use Form 8606, Non-Deductible IRAs (PDF/PDF, Non-Deductible IRAs) to declare non-deductible contributions to a Roth IRA. A requalification allows you to treat a regular contribution made to a Roth IRA or a traditional IRA as if it had been made to another type of IRA. After confirming that you are eligible to make contributions to an IRA during retirement, you may need guidance on how much you can contribute or help evaluating whether a Roth or a traditional IRA is better for you.