Seniors can now contribute up to $7,000 (rather than $6,000 for those under 50) to a traditional IRA, as long as they are not withdrawing funds. They might (depending on income) get a tax deduction for that contribution.
But contributions are no longer allowed by the IRS the year the account holder turns 70.5. Contributions to a Roth IRA will be taxed, but when that money is withdrawn, it will be tax free.
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