6 advantages of Roth IRAs
Reason No. 3: You can contribute after age 70 1/2
With a traditional IRA, investors must stop making contributions when they turn 70 1/2 years old, at which point they are forced to take distributions and begin paying taxes on that money.
The Roth IRA has no required minimum distributions. That means you can live to 120 without ever tapping your Roth IRA. Furthermore, anyone with earned income can keep adding to their Roth IRA account regardless of age. If you're earning an income at age 87 and want to save for the future, have at it: You can continue to contribute until you quit working or drop dead, whichever comes first.
"If you're still working, you can contribute," says Bruno.