You can open or contribute to an individual retirement account (IRA) at any age, but you must have what the Internal Revenue Service (IRS) considers earned income. If you are retired and your spouse has earned income, he or she can contribute to their own IRA and also make what is called a spousal contribution to your IRA. Since people usually contribute to IRAs throughout their lives and invest at the same time, IRA balances can be quite high when they reach retirement age. However, you must be working while you're retired; you can only make IRA contributions with the income you earned from this job; and you can't contribute to your IRA or Roth IRA more than you earned in that tax year.
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. If you had a SIMPLE IRA or an SEP IRA but have retired from that job, you can still open an IRA through investment firms such as Vanguard or Fidelity. But what's better for retirees, a Roth IRA or a traditional IRA? The potential tax-exempt withdrawals offered by Roth IRAs are an attractive advantage, but some people may benefit more from the tax-deductible contributions that traditional IRAs involve.