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Frequently Asked Questions

Can you contribute to a traditional IRA after age 65?

Traditional IRAs restrict participation based on age. However, the IRS sets the age limit for traditional IRAs at 70 1/2, meaning that you can still contribute money to your traditional IRA during the years between 65 and 70 1/2.

What are the different types of IRAS and their age limits?

1 Traditional IRAs: You can no longer contribute starting in the calendar year you reach 70 1/2 years of age. ... 2 Roth IRAs: There is no age limit. So long as you or your spouse earns income, you can continue to make contributions indefinitely. 3 SEP IRAs: There is no age limit. ... 4 SIMPLE IRAs: There is no age limit. ...

What happens if I withdraw money from my IRA before age 59?

If you withdraw money before age 59½, you will be assessed a 10% penalty in addition to regular income tax—unless you fit one of the tax exceptions or are withdrawing Roth contributions (not earnings). If your IRA is not a Roth, you will be taxed on withdrawals at your regular income tax rate for that year.

How old do you have to be to open an IRA?

Other IRA Age Rules to Consider While there are maximum age limits for some IRAs, you can begin contributing to traditional, Roth and SIMPLE IRAs at any age. Only SEP IRAs require participants be at least 21 years of age. For each of these accounts, your contributions must not exceed the amount of taxable income you earn that year.

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