This minimum age of 72 applies to most retirement accounts, including traditional IRAs, SEP, and SIMPLE IRAs, as well as qualified plans such as 401k, 403b, and 457. It used to be that if you were over 70½ years old, you lost the ability to contribute to a traditional IRA. However, under the new law, there are no age restrictions. There is also no age limit for viewers aged 70 and over for contributions to a 401 (k). First, under new IRS guidelines, custodian banks that maintain IRAs don’t have to accept contributions from savers over 70½.
Those who do so must change their IRA contracts. Roth IRAs are also subject to the same contribution limits as traditional IRAs — every dollar deposited into a traditional IRA reduces how much you can contribute to a Roth IRA. However, regardless of your age, you can still contribute to a Roth IRA and make rollover contributions to a Roth IRA or a traditional IRA.
