Tag: RMDs

Never Too Late: Retirement Savings After 70
May 28, 2025 Off

Never Too Late: Retirement Savings After 70

By The Admiral Staff

There is no age limit for contributing to an IRA as long as you have earned income. Contributions are limited to $7,000 in 2024, plus an additional $1,000 catch-up contribution for those over 50. Traditional IRAs require you to begin taking required minimum distributions (RMDs) at age 73, while Roth IRAs do not while you own them. Tax deductibility of contributions depends on income limits, which vary

Navigating Required Minimum Distributions: Your Essential Guide
November 15, 2024 Off

Navigating Required Minimum Distributions: Your Essential Guide

By The Admiral Staff

Starting at age 73, individuals with traditional IRAs, 401(k)s, and similar retirement accounts are required to take Required Minimum Distributions (RMDs) annually—a portion of their savings that is subject to income tax. Failure to withdraw the required amount results in a steep 50% tax penalty. Roth IRAs are the exception, not requiring RMDs during the account holder’s lifetime. Several factors influence the RMD amount each year, including