Under the new SECURE Act, if you have earned income, there is no age limit for contributing to a traditional IRA (previously, you had to stop doing so the year you were 70 and a half years old). You can open a traditional IRA through a bank, brokerage agency, investment fund, or insurance company and invest the money from your IRA in stocks, bonds, mutual funds, exchange-traded funds, and other approved investments. A Roth IRA might be better than a traditional IRA for people who want to save on taxes in retirement when they expect to earn more later than they do now. When in doubt, IRA owners should consult with a competent tax advisor to determine if the income is eligible for an IRA contribution.
Just as you can only contribute to your IRA until you reach a certain age, most IRAs impose the required minimum distributions (RMDs) once you turn 70.5 or 72, depending on your date of birth. However, you can still contribute to a Roth IRA and make cumulative contributions to a Roth or traditional IRA, regardless of your age. The IRS restricts the amount that IRA owners can contribute to IRAs in a given year, subject to cost-of-living adjustments. When filing federal income taxes together with their spouse, people who have little or no eligible compensation can make contributions to the traditional IRA or Roth IRA to their own IRAs based on their spouse's income.
As you might have guessed, Roth IRAs are the only accounts that don't require minimum distributions at any age.