Is There a Maximum Age Limit To Setting Up a Retirement Account?
Question: Is There a Maximum Age Limit To Setting Up a Retirement Account?
Answer: There is no maximum age to create or set up a new retirement account. However, you should be aware of the IRS term “Required Minimum Distribution” (RMD) age. Your RMD is the minimum amount you must withdraw from your account each year. You generally have to start taking withdrawals from your IRA, SEP IRA, SIMPLE IRA, or retirement plan account when you reach age 72.
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