Current sources are essential if your topic is time-sensitive. For example, a report on economics or medicine should use books and articles from the last year or two. A history or literature topic, however, might use older sources. For example, Quarterly Review of Sociology is a good source, popular and news magazines are not. In general, The New York Times , Wall Street Journal , and comparable respected newspapers are good sources.
Books written by respected scholars in their fields are good sources, provided they are recent.
An encyclopedia can be a good place to get ideas for papers, and to do preliminary research on an unfamiliar topic. It is NOT a good source, however, to use in the body of your paper. For example, if you are doing a report on the Vietnam War and you have a friend or relative who served, you might want to interview them. Video tapes and other media may also be appropriate sources for some topics. List your major points and then indicate which sources will support those points.