Traditional IRA

A Traditional IRA is a tax-qualified savings account for individuals that allows you to set aside money for retirement. All earnings in a Traditional IRA are tax-deferred until withdrawn by the IRA owner or his/her beneficiary. Anyone who is under age 70 ½ and has earned income is eligible to contribute to a Traditional IRA.

• Earnings on tax-deductible contributions can grow tax deferred
• Taxes are paid when distributions are taken
• Must have earned income (compensation) to contribute to a Traditional IRA
• Penalty-Free Withdrawals can begin at age 59 ½
• RMD (Required Minimum Distributions) begin at age 73
• Competitive rates

Traditional/Roth Contribution Limits