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  • Dennis Carroll

Can I contribute to my retirement account after age 70.5?


Clients sometimes ask: Can I contribute to my retirement account after age 70.5?


Not to a traditional IRA unless you're rolling over from another retirement account into the traditional IRA.


You can contribute to a Roth IRA, but this contribution will not decrease your taxable income like a contribution to a traditional IRA, 401k, or SEP IRA will.


You can contribute to your employer's 401k, if you're still working as an employee.

You can contribute to your SEP IRA or individual 401k, if you're still self-employed after age 70.5.


Any allowable contributions after age 70.5 must accompany required minimum distributions [RMDs], unless you are still working as an employee and you own less than 5% of the company.

© 2020 by Dennis C. Carroll, Esq.