If your earnings from work are too high, you can't contribute at all. You can withdraw tax-free contributions at any time from a Roth IRA. Otherwise, the eligibility rules for Roth IRAs are broad. There is no age limit for opening a Roth IRA, and you can continue to fund this account long after you retire.
For those looking to invest in gold, a Gold IRA guide can provide helpful information on how to set up a gold-backed retirement account. You can withdraw any contributions you have made to your Roth IRA at any time, without paying taxes or penalties. However, you may have to pay taxes and penalties on your Roth IRA earnings. People with traditional IRAs should start receiving the required minimum distributions when they turn 72, but there is no such requirement for Roth IRAs. This and other key differences make Roth IRAs a better option than traditional IRAs for some retirement savers; however, Roth IRAs are not available to everyone.
However, you can still contribute to a Roth IRA and make cumulative contributions to a Roth or traditional IRA, regardless of your age. Using this definition of compensation, if your income is above the Roth IRA limit or is zero for a tax year, you won't be able to contribute to a Roth IRA for that year. If you transfer your traditional or Roth IRA and request that the check be paid, you have up to 60 days to deposit that check in another IRA without taxes or penalties.