When will I be eligible for distributions from my IRA? December 02, 2020 19:22 Updated At the age of 59 1/2, the beneficiary of an IRA may begin receiving penalty-free distributions from their account. Related articles Who is eligible for a Traditional IRA? Can I have more than one IRA? What kind of precious metals can I invest in? Can I transfer money from an existing IRA account to fund another IRA without incurring any tax penalties? Can I keep my purchased metals at home?