Comments on: What is the age limit for IRAs contributions?

By: lowell

lowell — Mon, 10 Oct 2011 20:45:08 +0000

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

By: Ryan

Ryan — Sun, 21 Mar 2010 16:50:48 +0000

It really depends on your IRA – Roth or Traditional. Check this site out, they give a plethora of info on retirement:
http://alpha-investing.com/id12.html

By: Cadence

Cadence — Sun, 21 Mar 2010 16:46:39 +0000

http://whit.me/StockRobot

Before you start investing, check that site out.
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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!

By: bud68

bud68 — Sun, 21 Mar 2010 16:29:21 +0000

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.

By: efflandt

efflandt — Sun, 21 Mar 2010 16:18:09 +0000

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.

By: tom4bucs

tom4bucs — Sun, 21 Mar 2010 15:26:16 +0000

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