You're never too young or too old to start an IRA. There are a variety of investments and rates available so you can find the one that's right for you.
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Eligibility—Anyone under age 70 1/2 who has earned income
Annual Contribution—Total of all IRA contributions cannot exceed $5,500 or 100% of earned income, whichever is less for any tax year. If you are over 50 years old, your annual contributions cannot exceed $6,500.
Tax Benefits—Certain contributions are tax deductible. Interest is tax deferred.
Withdrawals—(IRS Penalty Free Options):
For qualified educational expenses
For first-time home purchase
At or after age 59 1/2
If you become disabled
For qualified medical expenses
For payment of health insurance premiums while unemployed
Upon your death
Eligibility— No maximum age, anyone who has earned income and does not exceed the Maximum income limit is eligible.
If your MAGI (Modified Adjusted Gross Income) falls within the phase out range below you will need to calculate how much, if any, you can contribute to a ROTH IRA. Phase out range for contributions are:
Single: $112,000 - $127,000
Married (filing joint): $178,000 - $188,000
Married (filing separate tax return): $0 - $10,000
Contribution Limits —Total of all IRA contributions (Traditional and Roth combined) cannot exceed $5,500 or 100% of earned income, whichever is less for any tax year. If you are over 50 years old, your annual contributions cannot exceed $6,500.
Tax Benefits— Account grows tax deferred, and with Qualified distributions, tax free.
Withdrawals—Withdrawals of contributory principal are always tax-free and IRS penalty free at any age. Interest distributions are tax-free for qualified withdrawals.
Required Minimum Distributions (RMD) are NOT required on Roth IRA's at age 70.5.