As the plan trustee of a Solo 401k, plan owners are required to follow certain Solo 401k contribution rules, such as the Solo 401k contribution limits, deadline, and other regulations.
A Solo 401k plan owner is often a major owner of the business. Therefore, they are required to take minimum distributions after the age of 70 1/2 years old, regardless of their employment status. What if you still work and earn income at the age of 70 1/2 years old? Can you keep contributing to the plan? Find out in this Solo 401k Quick Tip video:
Solo 401k Contribution Rules: Contributions after 70 1/2 Years Old
With the Solo 401k the plan participant is required to take out the minimum distributions at age seventy-and-a-half. However, while taking out the minimum distributions, the plan owner can continue to make contributions if he still earning income from the business. Unlike an IRA, the Solo401k doesn’t have an age restriction to open and contribute to the plan. Therefore you can make contributions to a Solo401k past the age 70 1/2.