Under the new SECURE Act, if you have earned income, there is no age limit for contributing to a traditional IRA (previously, you had to stop doing so the year you were 70 and a half years old). You can start contributing to traditional, Roth and SIMPLE IRAs at any age. Only SEP IRAs require participants to be at least 21 years old. For each of these accounts, your contributions should not exceed the amount of taxable income you earn that year.
There may be other eligibility requirements, but your youth won't stop you from saving money for your future. In the past, if you were over 70 and a half years old, you would lose the ability to contribute to a traditional IRA. However, under the new law, there are no age restrictions. Nor is there any age restriction for people over 70 years of age to contribute to a 401 (k) plan.
Yes, even if you continue to work after age 72*, you should get an RMD from your IRA. Keep in mind that this doesn't apply to IRAs or other accounts you may have at companies you no longer work for. Just as you can only contribute to your IRA until you reach a certain age, most IRAs impose the required minimum distributions (RMDs) once you turn 70.5 or 72, depending on your date of birth. As you might have guessed, Roth IRAs are the only accounts that don't require minimum distributions at any age.
A Roth IRA might be better than a traditional IRA for people who want to save on taxes in retirement when they expect to earn more later than they do now. When filing federal income taxes together with their spouse, people who have little or no eligible compensation can make contributions to the traditional IRA or Roth IRA to their own IRAs based on their spouse's income. However, you can still contribute to a Roth IRA and make cumulative contributions to a Roth or traditional IRA, regardless of your age. When in doubt, IRA owners should consult with a competent tax advisor to determine if the income is eligible for an IRA contribution.
The IRS restricts the amount that IRA owners can contribute to IRAs in a given year, subject to cost-of-living adjustments.