I am 71 this year and still working. Is there any savings plan I can contribute to before taxes?

If I can't shelter some income my social security becomes taxable. I have an IRA but no employer sponsored plan so need to build for the day I can no longer work.I am 71 this year and still working. Is there any savings plan I can contribute to before taxes?
RRSP in Canada.I am 71 this year and still working. Is there any savings plan I can contribute to before taxes?
Honey, you had better get some rich old lady to keep you!


If you're 71 and still worrying about how to live in your


';old age';, your plan fell thru. I haven't looked in awhile but


I don't think you have to pay income tax on Social Security


until your gross yearly earnings reach something like


$100k right, or wrong? You have an IRA, but you infer that


noone is adding to it but you. I'm scraping my brain to try


think of how to support you in your old age, but this should have


been done 20 yrs. ago. I do believe if you check carefully,


you now have enough in your Social Security fund to pay


for a lower class living until you reach (let's say the dirt pile).


Have you checked with Soc.Security lately to see how


much you would receive if you retired right now? Unless


Social Security goes defunct in the next couple of years,


I think you;ll be okay. SIDE NOTE; There's always living


with the kids.
AT SEVENTY ONE , YOU SHOULD BE THINKING ABOUT GIVING YOUR JOB TO A YOUNGER PERSON. AFTER 70 YOU CAN MAKE ANY AMOUNT.YOU SHOULD HAVE BEEN DOING THIS 20 TO 25 YEARS AGO.
There are other tax-deferred methods for when your employer does not have a 401(k) but you are not self-employed.
Unfortunately once you cross the 70 1/2 age, you can no longer contribute to any retirement account that shelters your income.





The only retirement accounts you can contribute to are limited to sheltering ';Investment Income'; such as Roth IRAs.
Look at some municipal bonds or municipal bond funds. Good info on Muni Bonds can be found here:





http://www.smartmoney.com/print/index.cf鈥?/a>





It's never too late to save! And if you are tight on money, think about emigrating to a different country where your money will go farther.