funding IRA post 71 RMD
am I correct that once you start taking your RMD year after 70 1/2, you cannot fund an IRA any longer even if you are working?
But you can fund a Roth ira if still working past 71?
Thank you,
Douglas
am I correct that once you start taking your RMD year after 70 1/2, you cannot fund an IRA any longer even if you are working?
But you can fund a Roth ira if still working past 71?
Thank you,
Douglas
Permalink Submitted by Alan - IRA critic on Thu, 2016-03-24 17:01
You can fund a SEP IRA, SIMPLE IRA, and a Roth IRA after age 70.5, but not a traditional IRA. And all these IRA types other than a Roth IRA are subject to RMDs at 70.5.