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 All earnings in a Traditional IRA are tax-deferred until withdrawn by the IRA owner or his/her beneficiary.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 70 ½
  • Competitive rates

Traditional/Roth Contribution Limits

Year

 

Standard Contribution

 

Catch-Up Contribution

(for ages 50 or older)

2018

$5,500

$1,000

2019

$6,000

$1,000

2020 and on

Indexed with Inflation

 
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