When will I be eligible for distributions from my IRA? June 19, 2020 15:48 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 transfer money from an existing IRA account to fund another IRA without incurring any tax penalties? Can I keep my purchased metals at home? What kind of precious metals can I invest in? Do I have to liquidate any other investments in order to transfer assets to my account?