Employers can contribute to your plan no matter how old you are. However, you should start taking RMD at age 72 or 70 or 5, depending on the year you were born. The IRS restricts the amount that IRA owners can contribute to IRAs in a given year, subject to cost-of-living adjustments. Roth IRA, minimum required distribution, tax planning, RMD, IRS, IRA, 401 (k), inherited IRA, Mailbag, Ed Slott, IRA contribution, retirement planning, conversion to Roth IRA, IRA renewal, qualified charitable distribution, IRA distribution, IRA beneficiary, Marvin Rotenberg, 10 percent fine, QCD.
One of the main advantages of an SEP IRA over a traditional or Roth IRA is the high contribution limit. When filing federal income taxes together with their spouse, people who have little or no eligible compensation can make contributions to the traditional IRA or Roth IRA to their own IRAs based on their spouse's income. When in doubt, IRA owners should consult with a competent tax advisor to determine if the income is eligible for an IRA contribution. Nor is there any age restriction if you are setting up a new IRA to which you will transfer or transfer assets from another IRA or from an eligible retirement plan, such as an employer-sponsored plan, such as a 401 (k).
However, you can still contribute to a Roth IRA and make cumulative contributions to a Roth or traditional IRA, regardless of your age. If you make a contribution to an SEP IRA during the year, you can still contribute to a Roth IRA or a traditional IRA during the same year, as long as you're eligible.