Under the new SECURE Act if you have earned income, there's no age cap for contributing to a traditional IRA (previously you had to stop the year you turned age 70½).
This change puts traditional IRAs on par with Roth IRAs, which never had an age cut-off.
However, contributions you make to a traditional IRA may or may not be deductible. The amount you can deduct may be limited if you or your spouse is covered by a retirement plan at work and your income exceeds certain levels. If neither you nor a
spouse is covered by an employer's retirement plan, you can deduct the full amount. If you aren’t able to deduct contributions to a traditional IRA, contributing to a Roth may make more sense, assuming you fall under the income limits.
Keep in mind that those who are 70½ or older and making contributions to a traditional IRA, SIMPLE IRA or SEP IRA will still need to take RMDs, even if they’re still working. Required Minimum Distributions still apply to traditional IRAs at 70½ or 72 depending on your birthday.
