For starters, custodians holding IRAs aren't required to accept contributions from savers over 70 and a half years old, according to new guidance from the IRS. Those who do so must modify their IRA contracts. If you want to save in your 70s, it would be best to avoid those tax-deductible IRA contributions altogether, Slott said. Previously, you could contribute to a Roth IRA indefinitely, but you couldn't contribute to a traditional IRA after age 70 and a half.
In this case, they make non-deductible contributions to the IRA and then convert those sums into a Roth IRA, Slott said.