Pursuant to the Secure Act of 2019, the required beginning date for mandatory distributions from IRAs changed to April 1 of the year following the year the taxpayer reaches age 70.5 in 2020 the maximum age limit for IRA contributions is 70.5. 401(k) plans generally must cover part-time workers with at least 300 hours of service for 2 consecutive years. taxpayers may be eligible for up to $5,000 in penalty-free withdrawals from retirement plans for the birth of a child or adoption