As of January 1, 2019 the annual contribution limit is $6,000 (under the age of 50) and $7,000 (age 50 and older). The annual limit applies collectively to both Roth and Traditional IRA’s.
You can establish and contribute to a traditional IRA only before age 70½ as long as you (or your spouse, if filing a joint tax return) have earned compensation from employment, and it is within the applicable IRS limits. Investments grow on a tax deferred basis. Distributions must begin at age 70½. Contributions and earnings are taxed only upon withdrawal.