At What Age Is It Too Late to Start an IRA? Understanding Age Limits and Contribution Rules
Learn if there’s an age limit for starting an IRA and how the SECURE Act impacts contributions and withdrawals for traditional and Roth IRAs.
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It's never too late to start an IRA as long as you have earned income. There's no age limit for contributions to a Roth IRA. For a traditional IRA, the SECURE Act removed the age cap for contributions, which was previously 70½. Now, anyone with earned income can contribute, regardless of age. However, required minimum distributions (RMDs) from a traditional IRA begin at age 72, so plan contributions and withdrawals strategically to maximize benefits.
FAQs & Answers
- Is there an age limit to contribute to a Roth IRA? No, there is no age limit to contribute to a Roth IRA as long as you have earned income.
- Can I contribute to a traditional IRA after age 70½? Yes, thanks to the SECURE Act, the previous age cap of 70½ for traditional IRA contributions has been removed, allowing contributions regardless of age if you have earned income.
- When do required minimum distributions (RMDs) start for a traditional IRA? RMDs from a traditional IRA begin at age 72, so planning contributions and withdrawals strategically is important.