Traditional IRAs

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Traditional Advantages

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.


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Traditional IRA 101

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 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.

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