You can work and still contribute until you die
Retirees prefer 401(k) plans because they can contribute to them for as long as they like. There are no age restrictions though there are two things to keep in mind. First, your particular plan has to allow it and you can only keep contributing as long as you don’t own 5% of the company or more.
The same couldn’t have been said about IRA accounts. The SECURE Act has done way with these restrictions so that IRA holders may keep contributing even after the age of 70 ½.
This gives seniors the chance to build tax-free money by buying an IRA and converting it to a Roth IRA.