Are there age requirements for starting an IRA?


Quick Answer

As of 2015, there is no established minimum age requirement for starting an Individual Retirement Account, according to CNN Money. Anyone under the age of 70 1/2 who generates taxable income through employment or self-employment may contribute to an IRA, as of 2015.

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Full Answer

An IRA is a savings and investment plan that offers significant tax breaks. While there are a variety of IRAs from which to choose, including Roth, traditional, Simplified Employee Pension, and Savings Incentive Match Plans for Employees, all IRAs have maximum yearly contribution limits and penalties for withdrawing funds before the designated retirement age, states CNN Money.

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