Traditional IRA

Start saving for your retirement while you’re working!

Secure your retirement with the traditional IRA investment plan today.

Ways to Apply

For People Who…


  • Are working, and under 70 1/2 years old.
  • Love saving some extra cash for retirement.

Benefits


  • Earnings are tax-deferred until they're withdrawn.
  • Contributions may be tax-deductible.
  • If you are 50 years of age or above, you may make additional contributions of $1,000 per year.

Features


Up to $6,000 or 100% of earned income per year, whichever is less.

Distributions before age 591/2 are taxable and subject to an IRS 10% premature distribution penalty.

Distributions must begin by age 701/2 to avoid IRS penalties.

COMPARE RATES

Additional Information

  • You may make an annual contribution up to $6,000 or 100% of earned income, whichever is less. The contribution is coordinated with Roth IRA contributions to ensure the limit is not exceeded.
  • Contributions may be tax-deductible, depending upon your income and participation in an employer-sponsored retirement plan.
  • Earnings are tax-deferred until they're withdrawn. Then, the entire distribution, including earnings and contributions, is taxable.
  • Distributions before age 591/2 are taxable and subject to an IRS 10% premature distribution penalty, unless the IRA owner dies or becomes disabled, or the funds are used for one of the following purposes: a qualified first home purchase; higher education; eligible medical expenses exceeding 10% of adjusted gross income; or, eligible medical insurance premiums by qualified unemployed individuals. Funds used for these purposes are taxable.

Ways to Apply

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1-888-334-2262

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