You can contribute to a traditional or Roth IRA, or even a Gold IRA, even if you participate in another retirement plan through your employer or company. However, you may not be able to deduct all of your traditional IRA contributions if you or your spouse participate in another retirement plan at work. Contributions to the Roth IRA or Gold IRA may be limited if your income exceeds a certain level. The advantage of a Roth IRA or Gold IRA is that your retirement withdrawals are tax-free because you already paid taxes on the money before depositing it in your IRA. If you think you'll be in a higher tax bracket when you retire than you are now, a Roth IRA may be more beneficial than other retirement accounts, such as a traditional IRA.
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. Roth IRAs allow you to withdraw money tax-free after retirement, while traditional IRAs offer you pre-tax relief. People with traditional IRAs should start receiving the required minimum distributions when they turn 72, but there is no such requirement for Roth IRAs.
