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 All earnings in a Traditional IRA are tax-deferred until withdrawn by the IRA owner or his/her beneficiary.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.
Traditional/Roth Contribution Limits
Year
|
Standard Contribution
|
Catch-Up Contribution (for ages 50 or older) |
---|---|---|
2019 |
$6,000 |
$1,000 |
2020 |
$6,000 |
$1,000 |
2021 and on |
Indexed with Inflation |