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Ask The Expert: Contributions

Q:
Asked by Susan 7/30/12

I am 60 years old and have a new full-time job. I have no retirement plan at the present. Does a new IRA make sense for someone my age?

Matthew Malone A:
Answered by Matthew Malone 8/8/12
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253 out of 465 people found this useful.

Absolutely, Susan, though every situation is different. The general rule of thumb is that you’ll need about 80% of your pre-retirement income per year to maintain that standard of living during retirement. Depending on how long you live and the amount of your Social Security and any pension payments, you may fall short. If you think you might, the tax advantages of an IRA make it a wise choice for retirement savings.

Regards, Matt Malone, managing editor, RothIRA.com

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