Am I still eligible to make retirement account contributions?
Am I still eligible to make retirement account contributions? In this episode of Ask The Hammer, Jeffrey answers the question: Am I still eligible to make retirement account contributions?
Key Takeaways
- Remove the age limit: You can contribute to a traditional IRA at any age if you have earned income, even after age 70½—no upper age restriction exists under current law
- Understand the RMD contribution rule: While you must take RMDs at 73 (or your applicable age), you can continue making new contributions simultaneously if you have compensation, creating a 'revolving door' of deposits and withdrawals
- Know what counts as compensation: Only W-2 wages or self-employment income qualify for IRA contributions; Social Security, interest, dividends, and other investment income do not count
- Avoid the RMD recontribution trap: You cannot recontribute your Required Minimum Distribution itself back into an IRA, even though you can contribute other earned income in the same year
Am I still eligible to make retirement account contributions? In this episode of Ask The Hammer, Jeffrey answers the question: Am I still eligible to make retirement account contributions? Watch more episodes of Ask The Hammer at this link: https://www.finstream.tv/videos/ask-the-hammer/
{ "@context": "https://schema.org", "@type": "VideoObject", "name": "Am I still eligible to make retirement account contributions? - Finstream.TV", "description": "In this episode of Ask The Hammer, Jeffrey answers the question: Am I still eligible to make retirement account contributions?", "thumbnailUrl": [ "https://www.finstream.tv/wp-content/uploads/2022/08/ask-the-hammer-1920.jpeg" ], "uploadDate": "2023-03-23T15:21:00+00:00", "contentUrl": "https://finstreamtv-videos.s3.amazonaws.com/am_i_still_eligible_to_make_retirement_account_contributions_%20(1080p).mp4", "embedUrl": "", "publisher": { "@type": "Organization", "name": "Finstream.TV", "logo": { "@type": "ImageObject", "url": "https://www.finstream.tv/wp-content/uploads/logos/FinStream-800w-red.png", "width": "1920", "height": "1080" } }, "duration": "PT03M31S" }