Discuss with your tax advisor
Traditional IRA contributions cannot be made for the year you turn age 70½ or subsequent years. If you are still working, contributions can be made to a SEP or SIMPLE IRA. Roth contributions are allowed after the age of 70½ if you, or your spouse if filing jointly, have earned income. Modified Adjusted Gross Income (MAGI) limits apply.
You can convert to a Roth IRA once you are 70½ or older, but it will be necessary to take your RMD prior to the conversion. You are not able to convert your RMD.
As you begin withdrawing your RMDs, you will need to decide how you’ll use this money. You are not required to distribute cash from the IRA to satisfy your RMD. Cash and/or securities can be distributed. Remember that these assets can be transferred to your non-retirement or you may wish to use it pay for expenses.