Up to what age can you continue to contribute to an IRA account?

You can continue to contribute to a traditional IRA account as long as you have earned income, with no age limit. However, for the purpose of required minimum distributions (RMDs), traditional IRA holders used to be required to start taking distributions by age 70.5.

Originally, the requirement to begin taking RMDs at age 70.5 could lead to the notion that contributions must cease at this age. However, a significant change in tax legislation (the Setting Every Community Up for Retirement Enhancement Act or SECURE Act) enacted in 2019 increased the age for starting RMDs to 72. This means that individuals can continue to make contributions to their IRAs even beyond what was previously considered the age limit for RMDs.

It is worth noting that the ability to contribute to a Roth IRA is not limited by age either, provided you have earned income. However, the traditional IRA has specific rules concerning contributions based on income and tax filing status.

While 70.5 was historically associated with IRA contribution limits, it is essential to focus on the requirement for having earned income to contribute. Thus, as long as one remains involved in the workforce and earning, contributions can theoretically continue indefinitely, making the reference to age