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Can a 75 year old self employed individual set up a SIMPLE IRA?

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The 75 year old may set up a SIMPLE IRA as long as he/she otherwise qualifies, however the RMD rules apply immediately and distributions must start in the year following the year in which the first contribution is made as he/she will have a prior year 12/31/ balance at that time.


Making the complex understandable.

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