You can continue to contribute to a Roth IRA after you retire, as long as you have some earned income. Contributions to the Roth IRA are not tax-deductible in advance. Since there are many factors involved in these decisions, it may be worth talking to a local financial advisor before adding money to an IRA in retirement. After confirming that you are eligible to make contributions to an IRA during retirement, you may need guidance on how much you can contribute or help evaluating whether a Roth or a traditional IRA is better for you.
When you withdraw money from your Roth IRA later in life, you'll be able to do so without paying any account growth tax. The main benefit of contributing to your IRA during retirement is that you'll be accumulating your savings. However, as stated above, you also can't contribute more than 100% of your annual earnings from work to an IRA, regardless of whether you're retired or not. While it may seem counterintuitive, making contributions to the IRA after retirement has many potential benefits.
So, even if you're technically retired, you must work in some way to make additional contributions to the IRA. If you deposit funds into a Roth IRA after you retire, you can allow your savings to grow tax-free because it brings you after-tax money. Yes, you can contribute to an IRA after you retire, but you'll need to have a certain amount of “earned income” to do so. Since people usually contribute to IRAs throughout their lives and invest at the same time, IRA balances can be quite high when they reach retirement age.
The taxes you save with a Roth IRA will be significantly higher than the taxes you pay on that original income. However, you can still contribute to a Roth IRA and make cumulative contributions to a Roth or traditional IRA, regardless of your age. Whether you can continue to fund an IRA depends primarily on whether you have any type of earned income after you retire. By contributing to a traditional pre-tax IRA, you get the benefit of an initial tax deduction.