Yes, you can contribute to most retirement accounts at any age, but the rules change once you turn 73

You do not have to stop putting money into retirement accounts when you reach 65, 70, or any other age. Traditional IRAs, Roth IRAs, 401(k)s, and most other retirement plans accept contributions from people of any age — as long as you have earned income to contribute. The catch is that the rules shift significantly at age 73, when you must begin taking money out whether you want to or not.

The real question for most seniors is not whether you can contribute, but whether it makes sense for you to do so. That depends on your income, your tax situation, how much you already have saved, and whether you need the money now. This guide explains what the rules actually are, what changes at different ages, and what your options look like.

Key Takeaways

  • You can contribute to a Traditional IRA at any age, but you cannot deduct those contributions after age 73 if you are covered by a workplace retirement plan.
  • Roth IRA contributions have no age limit, but your income must be below a certain threshold — the limits vary by year and filing status.
  • At age 73, you must begin taking Required Minimum Distributions (RMDs) from Traditional IRAs and 401(k)s, even if you do not need the money.
  • Contributing to a Roth IRA after 65 can be a tax strategy if your income qualifies, because Roth withdrawals are tax-free in retirement.
  • If you are still working and earning income, a 401(k) or similar workplace plan may offer better contribution limits than an IRA.

Traditional IRA contributions after 65

You can contribute to a Traditional IRA at 65, 75, or 85 — there is no age limit on contributions themselves. However, the tax deduction for those contributions depends on whether you are covered by a workplace retirement plan (like a 401(k) or pension) and how much you earn.

If you do not have a workplace plan, you can deduct your full Traditional IRA contribution no matter your age or income. If you do have a workplace plan, your ability to deduct contributions phases out once your income reaches a certain level. For 2024, that phase-out range for single filers is $77,000 to $87,000 of modified adjusted gross income; for married filing jointly, it is $123,000 to $143,000. These numbers change each year. You can still contribute to the account even if you cannot deduct it, but the money goes in after-tax, which complicates your tax situation later.

The contribution limit for 2024 is $7,000 per year if you are 50 or older (the "catch-up" contribution). This limit applies whether you are 50, 65, or 80. The IRS raises this limit most years to keep pace with inflation.

Roth IRA contributions after 65

A Roth IRA has no age limit on contributions, and withdrawals in retirement are tax-free — which makes it attractive for seniors who expect to be in a higher tax bracket later or who want to leave tax-information programs to heirs. The trade-off is that your income must fall below a threshold to contribute directly to a Roth.

For 2024, the income phase-out for Roth contributions begins at $146,000 for single filers and $230,000 for married filing jointly. If your income exceeds these ranges, you cannot contribute directly to a Roth. However, there is a workaround called a "backdoor Roth" — you contribute to a Traditional IRA and then convert it to a Roth. This strategy works at any age and any income level, but it has tax consequences if you already have other Traditional IRA balances. You should discuss a backdoor Roth with a tax professional before attempting it.

Like a Traditional IRA, the contribution limit is $7,000 per year for people 50 and older in 2024.

401(k) and workplace plan contributions after 65

If you are still working and your employer offers a 401(k), 403(b), or similar plan, you can contribute at any age. There is no age limit, and the contribution limits are much higher than IRA limits — $23,500 per year in 2024, or $31,000 if you are 50 or older (including the catch-up contribution).

One major advantage of workplace plans is that you can often borrow against your balance while you are still employed, and you do not have to take Required Minimum Distributions as long as you are still working and do not own more than 5 percent of the company. This can be useful if you want to keep working past 73 and do not need the money yet.

When you leave that job — whether at 65 or 75 — you will face decisions about rolling the money into an IRA, leaving it in the plan, or taking a lump sum. Those decisions should be made with a financial advisor or tax professional, because the tax consequences vary widely.

What happens at age 73: Required Minimum Distributions

At age 73, the rules change significantly. You must begin taking Required Minimum Distributions (RMDs) from Traditional IRAs, 401(k)s, 403(b)s, and most other retirement accounts. The IRS calculates the minimum amount you must withdraw each year based on your age and account balance. If you do not take the full amount, you owe a penalty of 25 percent of the shortfall (reduced to 10 percent if you correct it within two years).

Roth IRAs are the exception — you never have to take RMDs from a Roth IRA during your lifetime. This is another reason some seniors use backdoor Roth conversions: to move money into an account with no forced withdrawals.

RMDs explore whether you need the money or not. If you are still working and do not need the distribution, you can often roll it into a Roth IRA (called a "Roth conversion"), which converts the tax burden to the year of conversion but eliminates future RMDs on that money. Again, this is a tax strategy best discussed with a professional.

Earned income requirement and spousal contributions

To contribute to any IRA — Traditional or Roth — you must have earned income in that tax year. Earned income means wages, self-employment income, or other compensation for work. It does not include Social Security, pensions, investment income, or rental income.

If you are married and one spouse has no earned income, the working spouse can contribute to a spousal IRA in the non-working spouse's name. The contribution limit is the same ($7,000 for those 50 and older in 2024), and the account is held separately. This is useful for couples where one person has retired but the other is still working.

Tax considerations for late-life contributions

Contributing to retirement accounts after 65 can reduce your current-year taxable income if you are still working and earning enough to benefit from the deduction. However, it also increases your Required Minimum Distributions later, which can push you into a higher tax bracket or affect your Medicare premiums and Social Security taxation.

If you are in a low-income year — perhaps you retired mid-year or took a sabbatical — that might be a good year to do a Roth conversion, because you will pay taxes at a lower rate. Conversely, if you are in a high-income year, contributing to a Traditional IRA to reduce taxable income may make more sense.

These decisions are highly individual and depend on your full financial picture. The IRS provides worksheets on its website, but most people benefit from talking through the options with a tax professional or financial advisor.

Frequently Asked Questions

Can I contribute to a retirement account if I am on Social Security?

Yes. Social Security income does not count as earned income for contribution purposes, but if you have any earned income from work, you can contribute up to that amount. Many people work part-time or as consultants in their 60s and 70s and use that income to fund retirement account contributions.

What if I have already taken my Required Minimum Distribution for the year — can I still contribute?

Yes. RMDs and contributions are separate. You can take your RMD and still contribute to an IRA or workplace plan in the same year, as long as you have earned income to support the contribution.

Does contributing to a retirement account reduce my Medicare or Social Security benefits?

Contributing to a retirement account does not directly reduce your benefits. However, the money you contribute reduces your current-year taxable income, which can affect your Medicare premiums (through income-related adjustments) and the taxation of your Social Security benefits. The effect depends on your total income and filing status.

Can I contribute to a 401(k) after I retire from that job?

No. You can only contribute to a 401(k) while you are employed by that company. Once you leave, you can roll the balance into an IRA or another plan, but you cannot add new contributions. If you take another job that offers a 401(k), you can contribute to that plan.

What is the difference between a catch-up contribution and a regular contribution?

A catch-up contribution is an extra amount the IRS allows people 50 and older to contribute each year. For IRAs, the catch-up is $1,000 (so $7,000 total for those 50+). For 401(k)s, the catch-up is $7,500 (so $31,000 total for those 50+). It is the same account; the IRS just lets you put in more.