Who can set up a Traditional IRA? James July 14, 2018 23:37 Updated Follow As long as you’re not 70½ by the end of the year and you, or, if you file a joint return, your spouse, received taxable compensation during the year, you can set up a Traditional IRA. Related articles Who's your broker-dealer? What income can be contributed to a Traditional IRA? What is the difference between a “traditional" IRA and a "self-directed" IRA? When am I allowed to take a distribution without penalty? Can I invest in shares of my own company? Comments 0 comments Please sign in to leave a comment.