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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?
$6,000, or $7,000 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 72, you 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.