To open a traditional IRA and make contributions, you don't have to turn 70 and a half years old at the end of the year. If you're older than that age, you're not allowed to open a traditional IRA because you're prohibited from making deposits in it. This age limit applies even if you are still working and are not retired. The age restriction is valid regardless of whether you are allowed to make contributions to an employer's retirement plan.
However, if you are over 70 and a half years old, you may still be able to invest in a Gold and Silver IRA rollover. You don't face an age restriction to open a Roth IRA. The restrictions on opening these accounts depend on whether you start a traditional IRA or a Roth IRA, as well as whether you are married. While the traditional IRA shares many features with its newer sister, the Roth IRA offers tax incentives to save for retirement and, under certain circumstances, each of them is governed by a different set of rules. Initial tax relief is one of the main things that differentiate the rules of traditional IRAs from Roth IRAs, in which taxes are not allowed to be deducted for contributions.