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Retirement plan contributions for older owners If your business has a qualified retirement plan, such as a SEP or SIMPLE IRA, can you make contributions to your account after reaching age 70-1/2? While age prevents you from making regular IRA contributions, you can still fund an IRA-like account such as a SEP or SIMPLE IRA. If eligible, you can also make contributions to a Roth IRA; there are no age limits for this plan. But, the IRS cautions that even though money is going in, you'll have to be taking required minimum distributions (RMDs) from the plan to avoid penalties. .
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