If you deposit your money into an individual retirement arrangement, you have made an IRA contribution. The IRA is created to help people save and invest money for retirement. Before 2020, people above 70 are not allowed to contribute to a traditional IRA. However, with the passage of the SECURE Act in 2020, no maximum age is required for traditional IRA contributions. Still, different types of IRA may have a slight difference in requirement.

Maximum age limit for IRA contributions

Traditional IRA

Since January 1, 2020, there is no upper age limit for making a traditional IRA contribution. This means that as long as people have enough income to be put into the contribution amount, they can make the contribution no matter how old an age they may reach.

Roth IRA

There is no maximum age limit for a Roth IRA contribution. However, earned income is required if you want to make the contribution. Therefore, if you and your spouse no longer work, you cannot contribute to a Roth IRA.

Spousal IRA Contributions

If you still have enough earned income while your spouse is not working, you can make a spousal contribution to an IRA that enables your spouse to use the tax deduction for the IRA contribution.

Minimum age limit for IRA contributions

In essence, there is no minimum age limit to make any kind of IRA contributions. The only requirement is that you have to get earned income in a certain amount that equals or exceeds your IRA contribution amount. Since the earned income should be taxable compensation, the money earned from household chores cannot be taken into account. This makes many minors unable to make their own IRA contributions.

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