Contributions to Retirement Plan after age 70
I am self-employed and make contributions to a SEP-IRA each year. I plan to work at least to age 75 or 76. Must I take RMD’s from the SEP? Also, can contributions no longer be made after age 70 1/2, since this is not considered a qualified plan? Would this require me to open a solo 401(k) if I want to continue to tax defer money for retirement?
Permalink Submitted by Alan - IRA critic on Thu, 2016-11-10 17:38
You can keep contributing to the SEP IRA as long as you have net earnings from self employment. But you do have to take RMDs based on the SEP balance starting at age 70.5. Those RMDs can be taken from the SEP IRA or another IRA if you have one.