By Douglas J. Sinclair          June 3, 2022

If you (or, if you file a joint return, your spouse) received taxable income during the course of the year then you are eligible to open a traditional IRA. Prior to the year 2019 there were age restrictions on when one could be opened, but those restrictions have since been repealed so even if you are age 70½ or older you are eligible!

In fact, the government allows people who reached age 50 or older by the end of 2021 to not only open and IRA, but the maximum contribution for people age 50 or older increases to $7,000 (still subject to income limits, i.e. you cannot make contributions in excess of your annual compensation.)

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