Can a 70 year old open a Traditional IRA?

contributions, so there is no longer an upper age restriction. As long as you have earned income, you can contribute regardless of your age.
This is a relatively recent change. Before the SECURE Act, traditional IRA contributions stopped at age 70 and a half. The elimination of that age cap means older workers who continue to earn income can keep building their retirement savings through a traditional IRA well into their 70s and beyond.
Earned income is the key requirement. This means income from wages, salaries, self-employment, or similar sources. Social Security, pension income, investment income, and other passive sources do not count as earned income for IRA contribution purposes. If you are retired and not working, you cannot contribute to an IRA regardless of age.
For 2025, the annual contribution limit is $7,000 for individuals under 50 and $8,000 for those 50 and older. The age 50 catch-up provision means a 70 year old can contribute up to the $8,000 maximum if they have sufficient earned income.
An important consideration for older investors is required minimum distributions. Traditional IRAs require you to start taking minimum distributions at age 73. So a 70 year old who opens a traditional IRA will need to start taking RMDs within a few years of opening the account. Roth IRAs have no required minimum distributions during your lifetime, which is why many older investors prefer Roth contributions or Roth conversions later in life.
For older investors interested in precious metals, opening a traditional precious metals IRA at age 70 is fully allowed. You can contribute, buy gold and silver, and let the metals grow tax-deferred. The main question is timeline. Since RMDs kick in at 73, you have a limited window before you are required to take distributions. This shortens the effective growth period compared to someone starting earlier.
If you plan to leave precious metals as inheritance, a Roth IRA may be more advantageous because it has no RMDs and provides tax-free inheritance to beneficiaries.