It depends on what type of IRA it is. Just about anyone can contribute to a traditional IRA, as long as you (or your spouse) receive taxable income and are under 70 and a half years old. However, your contributions are tax-deductible only if you meet certain requirements. For more information on those requirements, see Who can contribute to a traditional IRA? The traditional IRA is one of the best options in the retirement savings toolbox.
You can open a traditional IRA at a bank or brokerage agency, and you'll have a whole universe of investments at your disposal. But with that freedom comes responsibility. Traditional IRAs have a lot of rules, if you don't, you could face a penalty. However, follow those rules and you may end up with a lot of changes in the future.
Non-spousal beneficiaries who inherited an IRA (either a traditional IRA or a Roth IRA) after that date must now withdraw the money from the account within a decade. Traditional IRA Once again, retirement savers won't be able to contribute more to traditional IRAs this year, but there may be changes in the way they work. However, you can still contribute to a Roth IRA and make cumulative contributions to a Roth or traditional IRA regardless of your age. If you also invest in a Roth IRA, the tax-free sister of the traditional IRA, in which you keep money after taxes in exchange for future tax-free withdrawals, the total amount of money you can contribute to both accounts cannot exceed the annual limit.
If you don't qualify to deduct your contributions to an IRA, you can still accumulate money up to the annual limit of a traditional IRA.