Will you be prepared when you reach retirement age? Start taking action today with a Traditional Individual Retirement Account. Your tax-deferred contributions today will help to prepare you for a secure retirement, and you maintain options for withdrawing your funds if you need them. We want to help you save for your future, so contact us today about setting up a Traditional IRA, and put your retirement in your own hands.
- Contribute up to $5,500 of earned income (up to $6,500 if you are 50 or older), until you are 70 ½ years old†
- For many, the contributions are tax-deductible, depending on income, filing status and whether you or your spouse are covered by a retirement plan at work, and whether you receive social security benefits†
- Anyone under 70 ½ who has earned income is eligible
- Generally, you can contribute up to the same amounts to your non-working spouse's IRA†
- You can contribute the same amounts to your spouse's IRA
- Withdraw funds without penalty beginning at age 59 ½. Withdraw before 59 ½ at a 10 percent penalty (plus possible bank fees), with certain exceptions††
- Distributions must begin by April 1st of the year following the year you reach age 70 ½. (See Uniform Lifetime Table for distribution schedule)
† Certain qualifications apply. Consult your tax advisor for more information.
†† Exceptions allowing for non-penalty early withdrawals include disability, qualifying medical expenses (under certain conditions), qualifying education expenses, unemployment (under certain conditions), qualifying first home purchase, and death.