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Can you still contribute to an IRA in your 70s?

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Question: Clyde in Oxford: I just turned 71 and I work part time, so I have extra “fun money”. Even though I am over 70 ½, can I still continue to contribute to the IRA? And will I get a tax deduction?

A: The answer to the first part of your question is “yes” thanks to the SECURE Law of 2019. Prior to the adoption of this law, anyone over the age of 70 or older could not contribute to a traditional IRA (because that age required a minimum allocation, or RMD- these, introduced into the game). However, the SECURE Act not only increased the starting age of RMDs to 72, but now allows anyone aged 72 or over to continue contributing to an IRA – as long as they have ‘earned income’.

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