You can open a Roth IRA at any age, but you must have earned income in that year

There is no minimum age to open a Roth IRA. A child who earns money from a job, a side business, or self-employment can open one. An 80-year-old can open one too. The only real requirement is that you have earned income — money you made from working, not from investments, gifts, or inheritance.

The amount you can contribute each year depends on how much you earned that year. If you earned $500, you can contribute up to $500. If you earned $7,000, you can contribute up to the annual limit (which varies by year). You cannot contribute more than you earned, and you cannot contribute more than the IRS limit for that year, whichever is smaller.

This is different from a traditional IRA, where you must stop making contributions once you reach age 73. With a Roth IRA, you can keep contributing for as long as you have earned income, even into your 80s and 90s.

Key Takeaways

  • You can open a Roth IRA at any age as long as you earned income that year from a job or self-employment.
  • Your annual contribution limit is the smaller of what you earned or the IRS annual limit for that year.
  • A child with a summer job can open a Roth IRA, and a parent can help manage it until the child turns 18.
  • Once you turn 73, you cannot contribute to a traditional IRA, but you can still contribute to a Roth IRA if you have earned income.

How earned income works for Roth IRA contributions

Earned income means money you received for work. This includes wages from a job, net profit from self-employment, and income from a business you own. It does not include interest, dividends, rental income, or money from investments.

If you are married and file taxes jointly, your spouse's earned income counts too. If your spouse earned $50,000 and you earned nothing, you can each contribute up to the annual limit (as long as you file jointly). This is called a spousal IRA contribution.

If you earned income but did not file taxes because your income was below the filing threshold, you can still open and contribute to a Roth IRA. You just need to show proof of the income — a W-2, a 1099 form, or records of self-employment income.

Opening a Roth IRA for a child or teenager

A child can open a Roth IRA as soon as they earn money. This might be from a part-time job, babysitting, lawn care, or a family business. The child's parent or guardian can help set up the account and manage it until the child reaches the age of majority (usually 18, sometimes 21 depending on the state).

The account is called a custodial Roth IRA. The parent controls the account while the child is a minor, but the money belongs to the child. Once the child turns 18 or 21, they take over control of the account.

This is one of the most powerful uses of a Roth IRA. A 16-year-old who earns $3,000 in a year can contribute $3,000 to a Roth IRA. That money can grow tax-free for 50 years. A 15-year-old who contributes $2,000 per year for five years will have $10,000 growing tax-free for decades, even if they never contribute again.

Contributing after age 72

You can contribute to a Roth IRA for as long as you have earned income, even after age 72. This is a major difference from a traditional IRA, where contributions must stop at age 73.

If you are 75 and still working, you can contribute to a Roth IRA that year. If you are 80 and self-employed, you can contribute. The only limit is the annual contribution cap set by the IRS and the amount you actually earned.

You also do not have to take withdrawals from a Roth IRA during your lifetime. A traditional IRA requires you to start taking withdrawals at age 73. A Roth IRA has no such requirement. You can leave the money in the account to grow, or withdraw it whenever you want without penalty (as long as the account has been open for at least five years and you meet other withdrawal rules).

Income limits for Roth IRA contributions

While there is no age limit, there is an income limit. If your income is too high, you cannot contribute the full amount — or you cannot contribute at all. These limits change each year.

The income limit depends on your filing status (single, married filing jointly, married filing separately, or head of household). For 2024, the limit for a single filer starts to reduce at $146,000 and phases out completely at $161,000. For married filing jointly, it starts at $230,000 and phases out at $240,000. These numbers change yearly.

If your income is above the limit, you have other options. You can contribute to a traditional IRA and then convert it to a Roth IRA (called a backdoor Roth). You can also contribute to a workplace retirement plan like a 401(k) instead.

The five-year rule for Roth IRA withdrawals

A Roth IRA must be open for at least five years before you can withdraw the earnings tax-free. This rule applies regardless of your age. If you open a Roth IRA at age 70 and try to withdraw earnings at age 71, you will owe taxes and a penalty on the earnings.

However, you can always withdraw the money you contributed (not the earnings) at any time, at any age, with no penalty. If you contributed $5,000 and it grew to $6,000, you can withdraw the $5,000 anytime. The $1,000 in earnings is subject to the five-year rule.

This is why opening a Roth IRA early, even as a child, is powerful. A 16-year-old who opens a Roth IRA will have met the five-year rule by age 21, and can withdraw earnings tax-free from that point forward.

Frequently Asked Questions

Can a 10-year-old open a Roth IRA?

Yes, if the child earned income that year. A 10-year-old who earned $1,000 from a family business or other work can open a custodial Roth IRA. The parent manages the account until the child reaches age 18 or 21.

What if I have no earned income but my spouse does?

You can contribute to a spousal Roth IRA if you file taxes jointly. Your spouse's earned income counts for both of you. You can each contribute up to the annual limit (or the amount your spouse earned, whichever is smaller).

Do I have to contribute the maximum amount every year?

No. You can contribute any amount up to the limit, or nothing at all. If you earned $10,000 but only want to contribute $2,000, that is fine. You do not have to "use it or lose it" — you can catch up in future years if you want.

Can I contribute to a Roth IRA and a 401(k) in the same year?

Yes. The contribution limits are separate. You can contribute to both as long as you have earned income and meet the income limits for the Roth IRA. However, if you have a workplace 401(k), it may affect how much you can deduct on a traditional IRA.

What happens to a Roth IRA if I stop working?

The account stays open and your money keeps growing tax-free. You just cannot make new contributions that year because you have no earned income. Once you have earned income again, you can resume contributions.