Traditional IRAs allow anyone younger than

Income restrictions:  70.5 years old to contribute regardless of income. In order to contribute to a Roth IRA, a single filer must make less than $137,000 and married couples must make less than $203,000 combined.

Age restrictions: You can keep your money in a Roth IRA as long as you want, but a traditional IRA forces you to start taking distributions at age 70.5. You also can’t make any contributions to a traditional IRA after that age, but you can continue contributing to a Roth IRA as long as you’d like. Keep in mind that beneficiaries of Roth IRAs will not owe taxes either.

A Roth IRA also requires that you have the account open for at least five years before qualifying for a distribution. For example, if you open an account at age 57, you’ll have to wait until you’re 62 to take the money out without penalty, versus taking it out at 59.5 years old.

Withdrawal exceptions: A Roth IRA offers a number of advantages over the traditional IRA when it comes to withdrawal flexibility. If you withdraw from your Roth IRA early, you’re only hit with a penalty tax on the investment gains, not the money you originally put into the account.Big Boss vote