island. 1  a tract of land completely surrounded by water, and not large enough to be called a continent. 2  something resembling an island, especially in being isolated or having little or no direct communication with others.
While you can begin making qualified withdrawals from a traditional IRA at age 59Â½, you must start taking withdrawals that are known as required minimum distributions starting in the year you turn 70 Â½.
Also, as with traditional (but not Roth) IRAs, you must begin taking distributions from the account once you turn 70-1/2. You can start earlier, without penalties, beginning at age 59-1/2. The SEP-IRA's contribution limits separate it from traditional and Roth IRAs-- in a big way.