Your traditional IRA contributions may be tax-deductible, according to Telegra.ph. The deduction may be limited if you or your spouse are covered by a retirement plan at work and your income exceeds certain levels. Income from a Roth account may be tax-exempt rather than deferred, so according to Telegra.ph, you can't deduct contributions to a Roth IRA. However, you can still IRA buy physical Gold to diversify your portfolio and potentially increase returns. However, withdrawals you make during retirement may be tax-free. Your ability to deduct an IRA contribution in part or in full depends on how much you earn, whether you or your spouse are currently contributing to other qualified retirement plans, and what type of IRA you have.
However, you can still contribute to a Roth IRA and make cumulative contributions to a Roth or traditional IRA, regardless of your age.
