rollover to traditional IRA

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pinkflutterbys

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I am working on an assignment for a class I'm taking for my masters degree. I need to know if there is an age limit on doing a rollover into a traditional IRA. I know that the age limit for making regular annual contributions is 70 1/2, but I can't figure out if that also applies to rollovers upon retirement, like from a 401(k) plan. Basically, I need to know if a rollover to a traditional IRA is an option for somebody retiring the year they turn 70. I've already googled "rollover to IRA" and every similar phrase I can think of and I've looked through all my textbooks but I can't find anything definitive.

Does anybody have any ideas??? Thanks.
 
Are you wondering if they can continue to contribute to the IRA (as opposed to the 401(k) after 70, or if youre allowed to do the rollover at 70? Sorry, I dont understand exactly what youre asking.

From what I gathered, does this help?

A rollover means you move the money from a company sponsored retirement plan such as a 401(k) into an IRA. If you receive a payout from your company-sponsored retirement plan, a rollover IRA could be to your advantage. You will continue to receive the tax-deferred status of your retirement savings and will avoid penalties and taxes.
 
LiveSquid said:
A rollover means you move the money from a company sponsored retirement plan such as a 401(k) into an IRA. If you receive a payout from your company-sponsored retirement plan, a rollover IRA could be to your advantage. You will continue to receive the tax-deferred status of your retirement savings and will avoid penalties and taxes.
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That's what I'm talking about. I'm wondering if a person can still do this (rollover) in the year they turn 70 1/2. I emailed the instructor but he hasn't emailed me back. :worry:
 
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