Most of us know that at age 70.5 you have to start taking mandatory withdrawals from your qualified retirement accounts. But, what if you still want to make a Traditional IRA contribution in the year you turn 70.5? Can you still do this? Perhaps. Let me explain.
If you turn 70.5 on or after July 1st, you cannot make a Traditional IRA contribution. If your birthday is before that date, you can. Even if your birthday is after July 1st, you can still fund your 2015 Traditional IRA if you have not as of yet. If you still want to be able to save for your retirement and your birthday is after July 1st, you can still make a Roth IRA contribution.

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