Do Roth IRA’s Have a Minimum or Maximum Age Requirement?
The IRS does not impose an age limit on who can or can’t open a Roth IRA.
The IRS does require every Roth IRA account holder meet one particular requirement, regardless of age.
You must generate earned income.
To fund a Roth IRA, you must have taxable earned income for the year in which you wish to make your contribution.
As long as you have earned income, it doesn’t matter what your age is… You meet the requirement for funding a Roth IRA.
Earned income is the key to Roth IRA eligibility.
Are You Required to Make Withdrawals After a Certain Age?
You can continue to contribute to your Roth IRA after age 72.
Is There a Minimum Age for Taking Distributions?
The only age you need to know when it comes to your Roth IRA is age 59 ½.
That’s the age you must reach before you can withdraw investment gains from your Roth IRA tax-free and penalty-free.
Now, you can certainly withdraw funds prior to age 59 ½, but if you withdraw investment gains, those gains are subject to income taxes and a 10% Roth IRA early withdrawal penalty.
You can withdraw your original contribution amounts tax-free and penalty-free, but the investment gains on those original contributions are subject to taxes and penalties if you withdraw them prior to age 59 ½.
Rules for making a Roth IRA withdrawal specify you must withdraw all of your original contributions first before you can begin to withdraw investment gains. Until you exhaust all of your original contributions through the withdrawal process, you don’t have to worry about taxes or penalties.
after the 59 ½ as long as your account meets the Roth IRA 5 year rule, you can withdraw any funds from your Roth IRA tax free and penalty free… And that includes investment gains.
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