If you're still working, you can contribute the full amount of your salary deferral to a Roth 401 (k), regardless of your age. In addition, any money in an IRA can appreciate without any appreciation tax until you withdraw the money. In addition, contributing to an IRA at this age can have unexpected planning implications, such as changing your charitable giving strategy. That is, the Security Act now allows people over 70 and a half years old to make tax-deductible contributions to an IRA.
Customers who are still working after age 70 and a half can generally continue to contribute to employer-sponsored 401 (k) accounts and SEP IRAs. However, you can still contribute to a Roth IRA and make cumulative contributions to a Roth or traditional IRA, regardless of your age. Direct contributions to a traditional IRA are not allowed after the client turns 70 and a half years old, although the client can transfer funds from another type of retirement account to their traditional IRA. This means that while you can continue to contribute to your Roth IRA if you're below income limits, if you exceed those limits you can't do a clandestine Roth after age 70 and a half.