As long as you keep running consistently, you have plenty of time. You won't actually start a training program until about 3-4 months before the event. For now you are building up the base mileage you need to begin training. A good base would be when you are running 4-5 times/week for a total of about 20 miles and doing this for several months. In the meantime, it helps to achieve some smaller goals along the way. A half marathon is a good long term goal, but it will keep you focused if you are training for shorter races between now and then. The racing experience you get in 5Ks and 10Ks is all part of your overall training. Not only that, but those shorter races are a lot of fun and will give you a sense of accomplishment.
You have plenty of time to build up your base mileage. The rule of thumb is to increase your total miles no more than about 10% weekly (if you are running 10 miles/week now, you can add a mile per week). If you are running 3-4 miles now, go ahead and sign up for a 5K.
Good luck!
Recent races: Peachtree RR: 63:48, Doug Kessler Lightning 10K: 62:48, Atlanta Half Marathon: 2:19:54, Polar Bear 5K: 30:13, Chattahoochee Road Runners 10K: 61:03