401K | Ed Slott and Company, LLC


If you are still employed and over age 70.5 can you still continue to contribute to 401K

Also, if you are over age 70.50 and working, do you have to make RMD

Contributions can continue regardless of age, except for a traditional IRA. If you are still working for an employer sponsoring a 401k plan and are NOT a greater than 5% owner, then there are no RMDs under the "still working" exception per the tax code. That said, there are a very small % of employers that require ALL employees to start RMDs at 70.5. Such an RMD would not be a statutory RMD, rather a plan RMD since a plan can have more restrictive rules than the tax code allows. As a plan RMD only, it is eligible for rollover to an IRA.  In summary, MOST employees still working at 70.5 can contribute and are not subject to RMDs. For SEP and SIMPLE IRAs, contributions also continue, but RMDs are always required because the still working exception only applies to qualified plans, not to IRAs.


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