You can open and contribute to a traditional IRA as long as you receive taxable earned compensation during the year.

Taxable earned compensation includes wages from a job, taxable alimony and net self-employment income. It does not include Social Security benefits, retirement or pension distributions, capital gains, dividends or interest.

Beginning in the calendar year in which you turn 70 ½, you can no longer make contributions to a traditional IRA, even if you are still working. (You can, however, contribute to a Roth IRA past age 70 ½ if you have taxable earned compensation.)

If you do not work but your spouse does, your spouse can contribute to an IRA for you (called a spousal IRA) as long as you file a joint tax return and your spouse earns at least as much as the two of you put into your IRAs.

For details, see http://www.investopedia.com/articles/retirement/03/021903.asp