I plan to work until 80. Can I contribute to my IRA while taking RMDs?

I have some questions about retirement accounts. Thanks in advance.

1) Within a few years, I will have to take the minimum required distributions (RMDS) from the traditional IRA (currently the only retirement account). I plan to work until the age of 80 or so. Will I be able to continue to contribute to the Irish Republican Army even after the start of RMDS?

2) I work for their own account. No employees, not merging. My income was reported on 1099-K (basically a pass from the company that treats credit card payments for my customers). I contribute to the maximum to the Irish Republican Army every year. I will soon send income as an independent contractor and this income will report 1099. So both will have. My main question: Can I open Sep-Ira for 1099 (and perhaps even enter 1099-k)? If so, can I contribute to both?

sincerely,

Savings for their own account

He sees: I got the benefit of the wrong social security deficit for years. How can I fix it?

To answer your first question simply – yes. Since IRA, you will have to take RMD – but thanks to the safe act, you can continue to contribute to the account as long as you receive a gain income.

To answer your second question simply – yes too. You can use 1099 income to finance Sep-Ira because it is income for free. The same applies to your income 1099-k if the income of the free work as well. With this question, there is a lot to know, though.

Sep-IRA is basically just the traditional Irish Republican Army for business owners, so it follows many of the same rules as the account I already got to know. However, there are some differences. For example, the maximum by which you can contribute to Sep in 2025 is less than 25 % of your total compensation, which is determined by your net profits, or up to $ 70,000.

“There are no restrictions when the traditional Sep-IRA and IRA format,” said Berk Sistok, partner at Moneco Advisors. You can contribute to Sep as well as to the traditional Irish Republican Army, where Sep is funded by the business owner’s contributions and the traditional Irish Republican army is made with personal contributions.

“You can get the contributions of the employer to Sep-Ira and make regular annual contributions to the traditional Ira or Roth. The employer’s contributions submitted under the Sep plan do not affect the amount that you can contribute to the Irish Republican Army on your behalf,” according to the internal revenue service.