Can i still contribute to my 401k even though i will have take the distribution at age 701/2? | 401k Questions

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Asked 4/2/2009

Can i still contribute to my 401k even though i will have take the distribution at age 701/2?

I will be 70 1/2 next year and will have to take the mandatory distribution. will i still be able to contribute to my 401k?

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Answer 1/3 - Submitted 4/8/2009

Yes, you can still contribute to your 401(k) plan. The required minimum distribution requirement is suspended for 2009. You will not have to take it, but it is your option. This suspension is due to the current economic crisis.

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Answer 2/3 - Submitted 4/8/2009

Yes you can contribute, and as above you do not have to take for 2009--- ALSO if you still work for the employer, you do not have to take, (that applies to any year you are an active employee over 70 1/2)

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Answer 3/3 - Submitted 4/8/2009

Actually, if you are still working for the same company that provides you with your 401(k) you do not have a minimum required distribution (MRD), although this does apply to IRAs and KEOGH plans at age 70 1/2. Once you retire, or leave the company, you will have to start the MRD. Note also that ROTH IRAs have no MRD either.

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