Eligibility

• Traditional IRAs do not permit anyone who will turn 70 1/2 years old during the current tax year to make a contribution. For example, if you will turn 70 1/2 in October of the 2014 tax year, you cannot contribute during 2014 at all, even if you have not reached the age of 70 1/2 at the time of the contribution.
  
  

Qualified Withdrawals

• You must be at least 59 1/2 years old to take a qualified withdrawal from your traditional IRA. The IRS does not prohibit withdrawals before this age, but does impose a 10 percent early withdrawal penalty unless a special exemption, such as a permanent disability, applies.
  
  

Required Withdrawals

• Beginning in the year that you turn 70 1/2, you must start taking required minimum distributions from your traditional IRA account. The size of the required withdrawal depends on the value of your account and your life expectancy, which can be found using the life expectancy tables in IRS Publication 590.