Traditional IRA

• As long as you have earned income, you may open and contribute to a traditional IRA at any age up to 70 1/2. After that, you may not open or make contributions to a Traditional IRA.
  
  

Roth IRA

• Anyone with earned income can open a Roth IRA at any age. The 70 1/2 limit on traditional IRAs does not apply to Roth IRAs.
  
  

SIMPLE IRA

• SIMPLE (Savings Incentive Match PLan for Employees) IRAs are employer-provided plans that work like traditional IRAs. However, you may start one and make contributions after age 70 1/2 as long as you continue working.
  
  

SEP IRA

• To start a Simplified Employee Pension (SEP) IRA you must be 21 years old. Otherwise, the age rules are the same as for a SIMPLE IRA.
  
  

Minors

• Except for SEP IRAs, minors may start IRAs as long as they have earned income and they have the consent of a parent or guardian.