There's no age limit for opening a Roth IRA, but there are income and contribution limits that investors should be aware of before funding one. When in doubt, IRA owners should consult with a competent tax advisor to determine if the income is eligible for an IRA contribution. Roth IRAs are not subject to RMD rules, but Roth 401 (k) are, unless you continue to work for the company that sponsors the plan. The IRS restricts the amount that IRA owners can contribute to IRAs in a given year, subject to cost-of-living adjustments.
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. Nor is there any age restriction if you are setting up a new IRA to which you will transfer or transfer assets from another IRA or from an eligible retirement plan, such as an employer-sponsored plan, such as a 401 (k). Keep in mind that those who are 70 and a half years old or older and make contributions to a traditional IRA, a SIMPLE IRA, or an SEP IRA will continue to have to apply for an RMD, even if they are still working.