Traditional IRA
Start saving for your retirement while you’re working!
Secure your retirement with the traditional IRA investment plan today.
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- Earnings are tax-deferred until they’re withdrawn.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 $1,000 per year.
Features
Up to $6,000 or 100% of earned income per year, whichever is less.
Distributions before age 59½ are taxable and subject to an IRS 10% premature distribution penalty.
Distributions must begin by age 72 to avoid IRS penalties.
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- Earnings are tax-deferred until they’re withdrawn.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 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.
Ways to Apply
Talk to us
We have dedicated staff that can assist you with getting started.
Call now!
Visit an Office
Our friendly knowledgeable office staff can take your application at an office convenient to you.
Use our office locator to find an office near you.
Resources
