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Turn age 59 1/2. Once you turn age 59 1/2, you can withdraw any amount from your IRA without having to pay the 10 percent penalty. But regular income tax will still be due on each withdrawal.IRA distributions are not required until after age 70 1/2.[Read: How to Save for Retirement on a Small Salary.].urn age 59 1/2. Once you turn age 59 1/2, you can withdraw any amount from your IRA without having to pay the 10 percent penalty. But regular income tax will still be due on each withdrawal. IRA distributions are not required until after age 70 1/2. [Read: How to Save for Retirement on a Small Salary.].
No age limit. Contributions to a Roth IRA don't have to stop when you reach age 70Â½, the cut-off for a traditional IRA. You can put money in your account for as many years as you want, as long as you have earned income that qualifies.o age limit. Contributions to a Roth IRA don't have to stop when you reach age 70Â½, the cut-off for a traditional IRA. You can put money in your account for as many years as you want, as long as you have earned income that qualifies.