You can open an IRA at any age, but you need to earn income to contribute to it. A 16-year-old with a part-time job can open an IRA and start contributing, but a 20-year-old full-time student with no income cannot make any contribution to the IRA. Keep in mind that minors can only open custodial IRAs, so they'll need the help of an adult to use them until they reach the minimum legal age for investing (usually 18, but it depends on state law). These rules also require that you transfer your employees' elective deferred contributions to your SIMPLE IRA accounts as soon as possible, or even consider transferring your IRA to gold if that is what you prefer.
This way, the employer can reasonably separate the contributions from the employer's general assets. Instead of having special administrative procedures, most financial institutions manage SIMPLE IRAs in much the same way as they treat personal IRAs or brokerage accounts. Instead, a contribution is new money that wasn't previously in a tax-deferred account and is now depositing in an IRA. For example, the amount you can contribute to a traditional IRA is limited if you or your spouse are covered by an employment retirement plan, including a SIMPLE IRA, and your income exceeds a certain threshold. When you transfer money from one IRA to another IRA, it's called an IRA transfer, and you can also do it at any age.
Some retirees mistakenly believe that they cannot open an IRA account and then transfer their 401 (k) global pension distribution plan or 401 (k) plan to an IRA because, under old rules, they have exceeded the IRA age limit.