If you’re age 70 ½ or older, be aware that a new law has changed the rules for IRAs. Before 2020, traditional IRA contributions weren’t allowed once you attained age 70 ½. Starting in 2020, new rules allow individuals of any age to make contributions to traditional IRAs, as long as you have compensation (generally, earned income from wages or self-employment). The required minimum distribution (RMD) age has also been raised from 70 ½ to 72. Before 2020, IRA owners were generally required to begin taking RMDs from their plans by April 1 of the year following the year they reached age 70 ½. Contact us with questions.
