Build Wealth and Postpone Taxes
Saving for Retirement Is Easy with a Traditional IRA
Did you know you can lower your current taxable income by making tax-deductible contributions to a traditional IRA (Individual Retirement Account)? And your earnings aren’t taxed until you make a withdrawal.
Saving for retirement has never been easier!
To open an account stop into any of our branches or call us at 800.761.2400.
Traditional IRA 101
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Who can contribute to a Traditional IRA? |
You can contribute to a Traditional IRA if you or your spouse filing jointly, has taxable income. |
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Are my contributions tax deductible? |
Contributions are typically tax-deductible, subject to certain conditions. |
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How much can I contribute annually? |
$7,000 for those under 50, and an additional $1,000 catch up contribution for those 50 and older. |
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When can I withdraw money? |
When you turn 59 ½ years old you can withdraw money from your IRA without paying a penalty. At age 73, 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.
Traditional IRA v. Roth IRA
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Traditional IRA |
Roth IRA |
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Income Limits |
No income limits to make contributions. |
Adjusted Gross Income (AGI) must be below certain limits. |
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Tax Status of Contributions |
Contributions are tax-deductible, subject to certain conditions. |
Contributions can NOT be deducted from taxable income. |
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Annual Contribution Limits |
$7,000 for those under 50, and an additional $1,000 catch up contribution for those 50 and older. |
$7.000 for those under 50, and an additional $1,000 catch up contribution for those 50 and older. |
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Account Earnings |
Account earnings are taxable when they are withdrawn. |
Account earnings are tax-free when they are withdrawn. |
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Minimum Age for Withdrawing Money Without Penalty |
59 ½ |
59 ½ |
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Minimum Age for Required Minimum Distributions (RMDs) |
73 |
N/A |