If you’re looking to lower your taxable income while saving for retirement, a traditional IRA might be the best account for you.
Typically, contributions to a traditional IRA are tax deductible based on income and your earnings aren’t taxed until you make a withdrawal.
Who can contribute?
You can contribute to a Traditional IRA if you, or your spouse filing jointly, has a taxable income and are under the age of 70 ½.
Are my contributions tax deductible?
Contributions are typically tax-deductible depending on income.
How much can I contribute annually?
$5,500, or $6,500 if you’re over the age of 50.
When can I withdraw money?
When you turn 59 ½ years old, you can withdraw money without penalty. However, withdrawals are always considered taxable income.
At age 70 ½, you can no longer make contributions and must begin taking minimum required distributions.
We do not offer tax advice. You should always consult with a tax professional when it comes to your contributions and deductibility.
Please see our Truth-In-Savings Disclosure for full details and our Rates Page for the most current rates.