There is no penalty for transferring (rolling over) a retirement account to an IRA at any age.
You may be referring to the early withdrawal penalty which applies to a withdrawal from a retirement account before age 59 1/2.
As you turned 70 1/2 in December 2019, please remember to take your first RMD (required minimum distribution) before April 15, 2020 and your second RMD before December 31, 2020.
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