Contribution Question
Is it true that once someone attains the age of 70 1/2, they are no longer eligible to contribute to monies to a ‘Traditional IRA’ account ?
Is it true that once someone attains the age of 70 1/2, they are no longer eligible to contribute to monies to a ‘Traditional IRA’ account ?
Permalink Submitted by Alan Spross on Wed, 2009-12-23 22:36
Yes, that is correct. However, if they have earned income they can still contribute to a Roth IRA without an age limit.
Also, a SEP IRA is a form of traditional IRA with employer based contributions. For SEP and SIMPLE IRAs contributions can continue beyond age 70.5, however RMDs are also due for those years. The contribution could be more than the RMD or less than the RMD.
Permalink Submitted by Gregg Guiol on Thu, 2009-12-24 13:49
Alan –
As always, your quick response and attention to detail, is very much appreciated…Your efforts should be roundly applauded.
Gregg Guiol