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Can I open a Roth IRA if I'm 71?

Updated: 10/24/2023
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โˆ™ 13y ago

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Yes, you can! As long as you have earned income and don't earn more than the maximum modified adjusted gross income limit, you can contribute to a Roth IRA. Roth IRAs don't carry the same minimum required distribution rule that traditional IRAs do so you can let the account grow indefinitely if you choose. In order to withdraw earnings tax-free, you'll just need to make sure you're over the age of 59 1/2 (which you will be) and the account is open at least five years.

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โˆ™ 13y ago
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โˆ™ 6mo ago

No, individuals who are 71 years old or older are not eligible to open a traditional IRA or a Roth IRA. However, if you have earned income, you may be eligible to contribute to a SEP-IRA or a solo 401(k), depending on your self-employment status.

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