Traditional IRA Start saving for your retirement while you’re working!
For People Who…
- Are working, and no age limit.
- 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- Earnings are tax-deferred until they’re withdrawn.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 $1,100 per year.
Additional Information
- You may make an annual contribution up to $7,500 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- Earnings are tax-deferred until they’re withdrawn.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 59½ 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; eligible medical insurance premiums by qualified unemployed individuals; or birth and adoption expenses up to $5,000. Funds used for these purposes are taxable.
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