Employees can put money from many 401(k) pension plans or similar retirement plan into a Roth IRA when they leave their jobs. However, retirees may not put money from their social security or pensions into a Roth IRA, according to The Motley Fool.
A Roth IRA is a tax-free retirement savings account. It has no age limits for contribution, but it is limited in terms of income levels and what kind of money can be put into the account. Money going into the Roth IRA must be earned income, which excludes pensions, social security payments, capital gains, dividends, income from rental properties and interest, as stated on The Motley Fool.