Mar 21

Hi. I heard somewhere that you can contribute to IRAs until you are 70,5 years of age.Is this true? If yes, what is the maximum you can contribute to the IRAs?Thank you.

6 comments so far...

  • tom4bucs Said on March 21st, 2010 at 3:26 pm:

    depends on your IRA if it’s a 401k or ROTH –
    both have different rules and regs

    and there is a conversion possible in 2010 to convert
    ONE TIME – from 401k to ROTH

    speak to someone at your bank about the possibilities for you

    all the best

  • efflandt Said on March 21st, 2010 at 4:18 pm:

    After age 70.5 you have to take required minimum distributions (RMD) from a traditional IRA. Not sure if anything changed for 2009, but for 2008 annual contribution limit was $5000 ($6000 if age 50 or older). That is a grand total for any types of IRA’s, but there are some special situations that might allow more (see IRS Publication 590).

    After age 70.5 you can still convert money from IRA (or former employer’s 401k) to a Roth IRA, but not the RMD, just an amount above that. My mom is still converting IRA to Roth IRA and she is 79 years old.

    You pay tax on the amount converted to the Roth IRA, but no more tax, a Roth IRA has no required minimum distributions, and there are estate advantages.

  • bud68 Said on March 21st, 2010 at 4:29 pm:

    You can make IRA contributions as long as you have earned income. You are confusing that with the age at which you must start taking distributions.

  • Cadence Said on March 21st, 2010 at 4:46 pm:

    Before you start investing, check that site out.
    We all heard of “Forex RoBot” which automatically executes decision intelligently to make gains… that site features a Stock Market RoBot! It intelligently executes actions to make gains and it’s a Fortune generator.
    To make lots of money you got to spend some money. That is the official website that helped me start making thousands recently. It was featured in Forbes magazine before – it is damn good. Even Mutual Fund Managers use it! Many people praised the Robot and wrote testimonials.

    Especially with the current economic crisis, imagine how much you can make once it hits the bull market!

  • Ryan Said on March 21st, 2010 at 4:50 pm:

    It really depends on your IRA – Roth or Traditional. Check this site out, they give a plethora of info on retirement:

  • lowell Said on October 10th, 2011 at 4:45 pm:

    Can I contribut $1,000.00 to a traditional IRA at age 79-1/2 years old?

leave a reply

Powered by Yahoo! Answers

Page Ranking Tool