A Traditional IRA is a wonderful way to fund your retirement nest egg. Unlike employer based plans, a Traditional IRA allows for individuals to contribute to their own account and receive a tax deduction for making the contribution. One important fact to note however, is that you are unable to contribute to your Traditional IRA account after you turn 70 1/2 years old. Spouses may also contribute to your Traditional IRA account, and a spouse may start a Traditional IRA for a non-working spouse. You can also Rollover other assets into your Traditional IRA including employee based plans, such as the 401k.