The IRS recently released guidance on the change in the SECURE Act which says that someone who is over the age of 70 and a half can still contribute to a traditional IRA if they are working. Today we share some interesting tips for those that want to continue to contribute to a traditional IRA or just want to know why someone would want to do this.
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65 I'm out of the workforce. I want to enjoy last few decades of my life. life is short. I plan on traveling the world. until I'm no longer mobile. then probably go on cruises several times a year around the world.
Thanks Dustin lot of good information.
Ty Dustin, great info as always.
You mention "Income" as the requirement to be able to continue to contribute to your IRA's, I have a traditional Brokerage account that is generating close to 1/3rd of my gross from work, and by retirement i am planning on that fully replacing my paycheck with Dividends. As i have to pay taxes on my brokerage acct as Income would that count as "qualified income" for an IRA? I am single with a fully funded 401k/Roth 401k (40/60) and a Roth IRA *(and NOT counting these returns/dividends as part of that income stream).
A few weeks back i was able to ask about this on the live show, but didnt have a chance to fully explain what I was meaning. The answer was no, and still may be. But just checking as it is taxed dividend income vs tax advantaged income.
Any info on the Rules along these lines would be much appreciated. =)
Dustin out here stealing clients LOL I love it
Always helpful
Good lookin out as always Dustin!
People are going to start living and working longer.
Thanks Dustin!