One of the positive features of the SECURE Act, passed in 2019, was that it eliminated the restriction that if you had reached age 70 1/2, you could no longer make IRA contributions.
If you are the owner of an IRA account or a beneficiary, you need to understand the rules governing when to take required minimum distributions (RMDs). Regulations have changed regarding penalties for missed RMDs. Although the penalties starting in 2023 have been reduced, the amounts can still be very significant.