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A 65-year old individual has just retired after working for the same employer for 20 years. He will collect an annual pension benefit of $50,000, but is not yet ready to stop working. He has lined up a part-time job that will pay $3,000 this coming year. How much can he contribute to a Traditional Individual Retirement Account for his first year in retirement

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abiolataiwo2015

Answer:

$3,000

Explanation:

Based on the information given we were told that he has a PART-TIME JOB THAT WILL PAY him the amount of $3,000 this coming year which means that the amount he can contribute to a TRADITIONAL INDIVIDUAL RETIREMENT ACCOUNT for his first year in retirement will be the EARNED INCOME of the amount of $3,000 which will therefore be his maximum INDIVIDUAL RETIREMENT ACCOUNT (IRA) contribution for this year.

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