Hi James – You can continue to make contributions to your employer plan past 70.5 if you’re still employed. And as long as you don’t own 5% or more of the company, you’re also not required to begin taking required minimum distributions from the plan until you retire.

However RMDs are required from any IRAs you own, or previous employer plans. You are also not able to make contributions to a traditional IRA.

I hope this helps.

Hi Annika – That’s true about an IRA being self-directed. But so is a Roth IRA, and most self-employment plans, like SEP and SIMPLE IRAs and Solo 401(k)s. Some employer sponsored plans also offer self-directed investing too.

Hi Dan – You’re so right! Corrected! You can actually contribute up to the full 401k contribution to the Roth portion itself, as long as you don’t exceed the overall 401k contribution limit. Thanks for the catch.

I love the analogy using the price of a car repair. Most things you know what your going to pay (or at least close). When it comes to retirement planning, its not as easy. And its not uncommon to be wildly off – and not even realize it as many fees are automatically deducted.