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This is the sixth in a series of articles describing keyprovisions of the SECURE Act, this one with a focus on provisionsunique to Individual Retirement Accounts. This legislation includesalmost 30 changes that are intended to promote theadoption of employer-sponsored retirement plans, facilitatelifetime income options, and lessen administrativeburdens. Employers must modify certain aspects of planadministration (and potentially financial planning decisions) toalign with the SECURE Act's more immediate changes.
1. No age limit on contributions to a traditional IRA
Prior to the SECURE Act, individuals could not makecontributions to a traditional IRA after attaining age 70½, even ifthey still had eligible income. This prohibition applied to bothdeductible and non-deductible IRA contributions.
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