IRA Contributions After 70.5

IRA Contributions After 70.5…Can You? Should You?

Recently I had a client in his mid-60s ask me how much longer he’d be allowed to contribute to his IRA.  My client was approaching retirement, but wasn’t planning on drawing from the account until he absolutely needed to.

Since he had other financial resources to draw income from his plan was to let the account grow for as long as possible, thereby delaying tax on the gains.  This meant contributing the maximum amount to his account each year, and only withdrawing funds when forced to by required minimum distributions.

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