When you reach age 70½, you are no longer eligible to make regular contributions to an IRA account. A common misconception is that if you are still actively working, this age restriction doesn’t apply. The reason for this misconception is that this is true for 401(k) accounts and other qualified retirement plans (like a 403(b), 457 plan or other).
Another misunderstanding about this rule is that it applies to all IRAs. Actually, this rule only applies to traditional IRAs – not Roth IRAs. A Roth IRA has no age restriction for contributions to the account. As always though, you must have earned income for the tax year in which you are making contributions to the Roth IRA.
This age restriction for traditional IRAs applies only to regular contributions – whether deductible or non-deductible. Rollovers into or out of IRA accounts are not restricted by age.